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California Coastal Communities, Inc.
CALC Subsidiaries Complete Transaction to Eliminate $28.7 Million of Project Debt
April 18th, 2009
California Coastal Communities, Inc. (NASDAQ:CALC) announced that on March 31, 2009 two of its subsidiaries completed a deed-in-lieu transaction with an investor that had acquired the $31.2 million loan from IndyMac Federal Bank related to a subsidiary's 151-lot project in Corona, California. The subsidiary conveyed the remaining 134 finished lots to the investor in exchange for a $28.7 million reduction in the note balance. The subsidiary retained seven completed homes which secure the remaining note balance of $2.5 million. Subject to certain conditions, after all seven homes have been sold the guaranty of this debt by a Company subsidiary will be released and any remaining balance on...
Source: Law & Health Weekly (2009-04-18)
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