California Coastal Communities (CALC) Granted Continued Listing Status From NASDAQ
California Coastal Communities, Inc. (Nasdaq: CALC) announced the Nasdaq Hearings Panel determined to grant the Company's request to remain listed on The Nasdaq Stock Market, subject to certain conditions. The Panel's decision was based upon the Company's December 3, 2009 appeal of the Nasdaq Staff's decision to delist the Company's common stock from the Nasdaq Stock Market due to the Company's October 27, 2009 filing of a voluntary petition for relief under Chapter 11 of the United States Bankruptcy Code pursuant to which the Company is seeking to extend the maturity dates and change the repayment schedules for its approximately $182 million of Brightwater credit facilities in order to repay the debt in full by the end of 2013 based on currently expected home sales over the next four years.
The Panel's continued listing decision is conditioned upon (i) the Company providing periodic updates as to the status of the Brightwater credit facilities restructuring efforts; and (ii) the Company emerging from the Chapter 11 process no later than April 26, 2009.
If the Company does not emerge by the April 26 deadline, the Panel stated that it would render a final decision to delist the common stock and halt trading on The Nasdaq Stock Market. Once delisted, the Company's common stock would not be immediately eligible to trade over the OTC Bulletin Board or in the "Pink Sheets".
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The Panel's continued listing decision is conditioned upon (i) the Company providing periodic updates as to the status of the Brightwater credit facilities restructuring efforts; and (ii) the Company emerging from the Chapter 11 process no later than April 26, 2009.
If the Company does not emerge by the April 26 deadline, the Panel stated that it would render a final decision to delist the common stock and halt trading on The Nasdaq Stock Market. Once delisted, the Company's common stock would not be immediately eligible to trade over the OTC Bulletin Board or in the "Pink Sheets".
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