Irvine-based Standard Pacific Corp. said Monday that it gained a 45-day extension for violating terms of the homebuilder’s bank credit lines.
As part of the extension, Standard Pacific cut its credit line from $900 million to $700 million.
As of March 21, the company had $90 million of borrowings and $49 million of letters of credit outstanding under the facility.
The waiver was originally due to expire on March 30 but was extended to May 14.
Standard Pacific, which unexpectedly announced it had replaced chief executive Stephen Scarborough last week, said it had about $293 million in cash on hand as of March 21, up from $219 million at the end of 2007.
