Court OKs $184M California Coastal Ch. 11 Exit

IRVINE, CA-The US Bankrtupcy Court for the Central District of California has approved a plan that will provide $184 million in refinancing for developer California Coastal Communities to emerge from Chapter 11 bankruptcy. The $184 million will refinance the project debt for the Irvine-based company’s Brightwater development.

California Coastal said previously that it had obtained a commitment from an investor for the refinancing, whicgh remains subject to the successful negotiation and execution of definitive loan documents and the court’s approval of the company’s plan of reorganization in order for it to exit bankruptcy. California Coastal Communities, as GlobeSt.com reported earlier this week, is the parent of home builder Hearthside Homes and Signal Landmark, which owns 110 acres on the Bolsa Chica Mesa. The company says that the new financing will replace its existing secured debt.