Developer California Coastal Files For Ch. 11

Law360, New York (October 28, 2009, 5:17 PM EDT) -- Residential developer California Coastal Communities Inc. has filed for Chapter 11 bankruptcy protection, citing a need to extend the maturity dates on $182 million in debt it incurred from a development project.

The company – along with some of its subsidiaries – filed a petition for reorganization on Tuesday in the U.S. Bankruptcy Court for the Central District of California.

It listed $291 million in assets and $231 million in debt as of June 30, according to the petition.

The filing will also allow California Coastal,...
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