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William Lyon Homes Dec 11
Standard & Poors, Dec 2011
Abstract
Consensus on proposed Chapter 11 reorganization plan, as 97% of the senior noteholders on a dollar amount and 93% of the senior noteholders in number voted to approve the plan. The impact of the bankruptcy to the homebuilder's brand is uncertain at this time. The environment for homebuilding remains challenging, and many of the company's submarkets are relatively weak. On Dec. 19, 2011, William Lyon Homes filed for Chapter 11 bankruptcy in Wilmington, Del., at which time it submitted a prepackaged plan of reorganization. The company started soliciting votes to support a restructuring of its existing indebtedness on Nov. 17, 2011, after failing to make its scheduled Oct. 1, 2011, semiannual interest payment of $7.5 million on its outstanding $138.8...
Companies mentioned in this report are: William Lyon Homes
Action: Review
Standard and Poors RatingsXpress Credit Research provides in-depth coverage of international corporates, financial institutions, insurance companies, utilities, sovereigns and structured finance programs. RatingsXpress Credit Research lets users determine the credit rating of holdings and identify key factors underlying an issuer's creditworthiness, distinguishes the different risk exposures for new and existing deals, and provides an understanding of how their analysts interpret key regulatory, political and environmental events and their economic impact.
Research Type: Full Analysis
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