Tousa Creditors Hire Lawyer

With the housing boom in a massive retreat, homebuilders are feeling a lot of pressure -- perhaps none more so than Tousa(TOA Quote).

The Hollywood, Fla.-based builder of single-family residences, town homes and condominiums has seen its shares lose more than 90% of their value over the last year. The dismal news seems to have given Tousa's unsecured creditors cause for concern that Tousa may be on its way to a bankruptcy filing.

A creditor group that owns more than $1 billion in senior notes and subordinated debt has hired law firm Akin Gump Strauss Hauer Feld to assess its rights in the event of a bankruptcy filing, TheStreet.com has learned. ...