Calif. Coastal Gets Plan OK, Plans March Ch. 11 Exit

Law360, New York (February 25, 2011, 3:03 PM EST) -- A bankruptcy court judge on Thursday gave final approval to California Coastal Communities Inc.'s seventh reorganization plan, and the homebuilder said it could emerge from court protection as early as March 1.

Judge Theodore Albert of the U.S. Bankruptcy Court for the Central District of California signed off on the plan, which keeps intact a settlement with Wilmington Trust FSB and nearly all the debtor’s secured lenders.

That settlement, approved by Judge Albert in August, eliminated further litigation over the debtor's reorganization plan and implemented $181...
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