California Coastal to appeal staff determination regarding Nasdaq delisting
California Coastal Communities will appeal the previously announced October 28 delisting determination of the Nasdaq Stock Market Listing Qualifications Staff indicating the Staff's decision to delist the company's common stock from the Nasdaq Stock Market due to the company's recent 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 $182M of Brightwater credit facilities in order to repay the debt in full in 2013 based on currently expected home sales over the next four years. The company has requested an oral hearing to appeal the proposed delisting, and its common stock will remain listed on the Nasdaq Stock Market pending the outcome of the hearing. :theflyonthewall.com
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