Add to balance / Manage account | User: | Log out |
Prospect News home > News index > List of issuers C > Headlines for California Coastal Communities Inc. > News item |
California Coastal Communities files plan of reorganization, statement
By Caroline Salls
Pittsburgh, March 29 - California Coastal Communities, Inc. filed its plan of reorganization and related disclosure statement Friday with the U.S. Bankruptcy Court for the Central District of California.
Under the plan, pre-bankruptcy revolving credit facilities and term loans will be restated, with holders of revolver claims receiving restated senior secured term loans and holders of term loans receiving restated junior secured term loans.
Treatment of creditors will include:
• Holders of pre-bankruptcy revolver loan claims will receive an equal amount of restated senior secured term loans;
• Holders of pre-bankruptcy term loan claims will receive an equal amount of restated junior secured term loans;
• Holders of other priority claims and general unsecured claims will be paid in full in cash;
• Intercompany claims will be reinstated, but holders will not receive any monetary distribution;
• Holders of existing interests will receive one share of new common stock for every four shares of existing stock; and
• Holders of subsidiary debtor interests will have their interests reinstated.
California Coastal Communities, a residential land development and homebuilding company based in Irvine, Calif., filed for bankruptcy on Oct. 27. Its Chapter 11 case number is 09-21712.
© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere.
For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.