65.3 F
Laguna Hills
Thursday, Jan 26, 2023
-Advertisement-

Homebuilder California Coastal Emerging from Bankruptcy

Irvine-based homebuilder California Coastal Communities Inc. said it plans to emerge from bankruptcy next week.

A bankruptcy judge signed off on the company’s reorganization plan this week, according to California Coastal.

It said it expects to emerge from bankruptcy on Tuesday.

The company, whose Hearthside Homes Inc. division is handling development of Huntington Beach’s 356-home Brightwater project near the Bolsa Chica wetlands, filed for Chapter 11 bankruptcy protection in late 2009.

California Coastal recently started building eight homes at Brightwater, according to Chief Executive Raymond J. Pacini.

The company has sold 10 homes there so far this year, he said.

Last year, California Coastal struck a $184 million refinancing deal with Luxor Capital Group LP, a New York-based hedge fund operator, to pay off debt.

Want more from the best local business newspaper in the country?

Sign-up for our FREE Daily eNews update to get the latest Orange County news delivered right to your inbox!

-Advertisement-

Featured Articles

-Advertisement-
-Advertisement-
-Advertisement-
-Advertisement-

Related Articles

-Advertisement-
-Advertisement-