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Article: CALC Announces Voluntary Filing for a Plan of Reorganization to Extend Maturity Dates of Brightwater Credit Facilities.
- Article from:
- Investment Weekly News
- Article date:
- November 14, 2009
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California Coastal Communities, Inc. (NASDAQ:CALC) announced that the Company and certain of its subsidiaries have filed voluntary petitions for reorganization under Chapter 11 of the U.S. Bankruptcy Code in order to extend the maturity dates of approximately $182 million of indebtedness related to the Company's Brightwater development project and to modify and eliminate certain debt covenants. The petitions were filed on October 27, 2009 in the U.S. Bankruptcy Court in the Central District of California.
Raymond J. Pacini, the Company's Chief Executive Officer commented, "We have been negotiating for some time in the hopes of getting 100% of our syndicate ...