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Homebuilding

Taylor Wimpey mulls N American sale - paper

LONDON, Oct 4 (Reuters) - British housebuilder Taylor Wimpey TW.L is considering the sale of its North American housing operations, which have been hit hard by the global recession, in a bid to cut debt, the Sunday Times reported.

The paper said if directors approve the plan, a sales memorandum could be drawn up by the end of the year.

The housebuilder, whose debt stood at 1 billion pounds ($1.6 billion) at the end of June, raised more than 500 million pounds via a rights issue in May to help prop up its balance sheet.

It said in August that following a weak first quarter, trading in its North American operations had improved in the second quarter.

No-one at Taylor Wimpey was immediately available for comment. (Reporting by Victoria Bryan) ($1=.6289 POUND)

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