Two Companies Exiting Bankruptcy

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Good news for one California company! The California Coastal Communities Inc. has announced that the company officially exited bankruptcy March 1, 2011. It has fulfilled the conditions stipulated in the company reorganization plans, which paved the way for their emergence from Chapter 11 bankruptcy after a process that lasted 16 months.

In his speech, Chief Executive Officer Raymond J. Mancini said, “I want to once again thank our lenders for their support in helping the Company exit bankruptcy and providing additional capital to fund construction. I also want to thank our homebuyers for their patience and our employees for their persistence over the last 16 months, as we navigated our way through this process. With bankruptcy behind us, we look forward to focusing on building and selling homes.

Please see full article below for more information.

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DISCLAIMER: Because of the generality of this update, the information provided herein may not be applicable in all situations and should not be acted upon without specific legal advice based on particular situations.

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