IRVINE, Calif., March 2, 2011 /PRNewswire/ -- California Coastal Communities, Inc. (formerly,OTCQB: CALCQ) announced that it has satisfied the various conditions to the Company's plan of reorganization with respect to its Chapter 11 bankruptcy cases and emerged from bankruptcy on March 1, 2011.
Chief Executive Officer Raymond J. Pacini commented, "I want to once again thank our lenders for their support in helping the Company exit bankruptcy and providing additional capital to fund construction. I also want to thank our homebuyers for their patience and our employees for their persistence over the last 16 months, as we navigated our way through this process. With bankruptcy behind us, we look forward to focusing on building and selling homes. Our attractively-priced, ocean-close homes in an exceptional locale provide an incredible opportunity for today's home buyers. In the first eight weeks of 2011, we generated 11 new sales orders for our coastal homes at Brightwater in Huntington Beach."
The Company is a residential land development and homebuilding company operating in Southern California. The Company's principal subsidiaries are Hearthside Homes which is a homebuilding company, and Signal Landmark which owns 110 acres on the Bolsa Chica mesa where sales commenced in August 2007 at the 356-home Brightwater community. Hearthside Homes has delivered over 2,300 homes to families throughout Southern California since its formation in 1994.
SOURCE California Coastal Communities, Inc.