Reorganization Items

On December 19, 2011, Parent and certain of its direct and indirect wholly-owned subsidiaries filed voluntary petitions, under chapter 11 of Title 11 of the United States Code, as amended, in the United States Bankruptcy Court for the District of Delaware to seek approval of the Prepackaged Joint Plan of Reorganization of the Company and certain of its subsidiaries. The Chapter 11 Petitions were jointly administered under the caption In re William Lyon Homes, et al., Case No. 11-14019 (the “Chapter 11 Cases”). The sole purpose of the Chapter 11 Cases was to restructure the Company’s debt obligations and strengthen its balance sheet. On February 10, 2012, the Bankruptcy Court confirmed the Plan.

In accordance with authoritative accounting guidance issued by the FASB, separate disclosure is required for reorganization items, such as certain expenses, provisions for losses and other charges directly associated with or resulting from the reorganization and restructuring of the business, which have been realized or incurred during the Chapter 11 Cases. Reorganization items were comprised of the following (in thousands):



	Year Ended December 31, 2015		Year Ended December 31, 2014		Year Ended December 31, 2013


Cancellation of debt	$	—	$	—	$	—
Plan implementation and fresh start valuation adjustments	—		—		—
Professional fees	—		—		(464		)
Write-off of old notes deferred loan costs	—		—		—
Total reorganization items, net	$	—	$	—	$	(464	)