Builder of Levittown Is Bankrupt

FORT LAUDERDALE (CN) - Levitt and Sons, which built the famous Levittown suburb on Long Island after World War II, has filed for bankruptcy, listing more than $338 million in unsecured debts. Levitt said last week that it could not make a $2.6 million interest payment on debt . Its top creditors are Bank of America and Wachovia Bank, each of which it owes more than $103 million. Ten Levitt affiliates also filed. Levitt claims to have built more than 200,000 homes across North America, but now is largely limited to developments in the U.S. Southeast.

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