Calif. Coastal Paves Way For Ch. 11 Plan Approval

Law360, New York (July 19, 2010, 5:10 PM EDT) -- California Coastal Communities Inc. has reached a settlement with its prepetition secured lenders, waiving more than $6 million in default interest claims and clearing the way for approval of the company's bankruptcy plan.

The real estate developer and the lenders' agent Wilmington Trust FSB asked the U.S. Bankruptcy Court for the Central District of California in a joint motion Friday to approve the settlement, also requesting that the motion be considered on shortened time.

California Coastal proposed in a second amended bankruptcy plan filed in May...
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