REAL ESTATE
Untitled Page
Irvine's California Coastal Communities files for bankruptcy
Firm hopes to extend maturity dates for $182 million in debt.
By Kristen SchottPublished: October 28, 2009 09:51 AM
Photo courtesy of California Coastal CommunitiesIrvine-based California Coastal Communities – the homebuilder behind the 356-home Brightwater development overlooking the Bolsa Chica wetlands – has voluntarily filed to reorganize under Chapter 11 bankruptcy. The company says certain subsidiaries have also filed.
The company seeks to extend the maturity dates of $182 million in debt, due to the Brightwater project. The firm also hopes to modify and eliminate certain debt agreements.
"We have been negotiating for some time in the hopes of getting 100 percent of our syndicate lenders to agree to extend the maturity dates and change the repayment schedules so we could repay the debt in full in 2013 based on our current expectations for home sales over the next four years," says CALC CEO Raymond Pacini.
But, he says "unanimous approval" has not been reached, and the only other option is to restructure the debt through the voluntary reorganization process.
NEXT PAGE >>
Related headlines
Economic forecast: recovery will be bumpy
O.C. bankruptcy filings rise in September
Irvine-based Diedrich seeks new CEO
3000 The Plaza in Irvine sees 19 sales in 2 months
|
||||
|
Photo courtesy of California Coastal Communities The company seeks to extend the maturity dates of $182 million in debt, due to the Brightwater project. The firm also hopes to modify and eliminate certain debt agreements. "We have been negotiating for some time in the hopes of getting 100 percent of our syndicate lenders to agree to extend the maturity dates and change the repayment schedules so we could repay the debt in full in 2013 based on our current expectations for home sales over the next four years," says CALC CEO Raymond Pacini. But, he says "unanimous approval" has not been reached, and the only other option is to restructure the debt through the voluntary reorganization process. NEXT PAGE >> Related headlines Economic forecast: recovery will be bumpy O.C. bankruptcy filings rise in September Irvine-based Diedrich seeks new CEO 3000 The Plaza in Irvine sees 19 sales in 2 months |
||||