Atlantic Gulf Communities Corp. filed a petition Tuesday in Delaware's U.S. Bankruptcy Court seeking permission to reorganize under the supervision of a Connecticut-based restructuring specialist.
The filing didn't include the firm's assets, liabilities and total number of creditors. Atlantic Gulf has 15 days to supply that information to the court.
Prior to filing the petition, the locally based homebuilder entered into a restructuring advisory agreement with Ahern & Partners Advisors Co. Inc. and a separate asset management services agreement with the affiliated A&P Corporate Advisors Inc.
The Miami-based company is seeking permission to exclude from the reorganization the development work at Chenoa, a 6,815-acre master-planned community near Glenwood Springs, CO, and West Bay Club, an 867-acre master-planned community in the Naples/Fort Myers area in Southwest Florida.
Over the past few years, the homebuilder has operated with significant earnings losses. The Nasdaq National Market delisted the company's publicly traded stock in 1998, and the National Association of Securities Dealers recently threatened to delist the company's stock from trading over the counter across the bulletin board.
The company last reported a net loss of $10.1 million, or $1.81 a share, on revenue of $35.5 million for the nine months ended Sept. 30, 2000, compared with a net loss of $33 million, or $3.65 a share, on revenue of $44.8 million for the same time period in 1999. Net losses applicable to common stock during the most recent nine-month period totaled $22.4 million.
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