Calif. Coastal Deal With Wilmington Trust, Lenders OK'd

Law360, New York (August 25, 2010, 4:30 PM EDT) -- A judge has approved a settlement agreement among bankrupt California Coastal Communities Inc., Wilmington Trust FSB and nearly all the debtor’s secured lenders that the parties have said could pave the way for California Coastal’s emergence from Chapter 11.

In an order filed Tuesday in the U.S. Bankruptcy Court for the Central District of California, Judge Theodor Albert gave a green light to all aspects of the settlement, which California Coastal and Wilmington, the agent for the lender group, said would eliminate further litigation over the...
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