IRVINE, Calif., Jan. 12, 2011 /PRNewswire/ -- California Coastal
Communities, Inc. (OTCQB: CALCQ) announced that the United States
Bankruptcy Court for the Central District of California (the "Bankruptcy Court") has
scheduled a hearing on February 16,
2011 to consider confirmation of the Company's plan of
reorganization (the "Plan") with respect to its Chapter 11
bankruptcy cases. The Company will now commence solicitation of
votes from its creditors in support of the Plan.
With the Plan supported by over 80% of its senior secured
lenders, the Company expects it will obtain Bankruptcy Court
approval of the Plan at the February
16th hearing and emerge from bankruptcy shortly thereafter;
however, there can be no assurance in that regard.
Chief Executive Officer Raymond J.
Pacini commented, "With the support of our lenders, we are
on track to exit bankruptcy by the end of February. We look forward
to the spring selling season and are well-positioned to provide
unique coastal homes at our Brightwater project 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.
Safe Harbor Statement under the Private Securities Litigation
Reform Act of 1995
Certain of the foregoing information contains forward-looking
statements that relate to future events or the Company's future
financial performance. These statements involve known and unknown
risks, uncertainties and other factors which may cause the
Company's actual results, performance or achievements to be
materially different from any future results, performances or
achievements expressed or implied by the forward-looking
statements. In some cases, you can identify forward-looking
statements by terminology such as "may," "will," "should,"
"expects," "plans," "anticipates," "believes," "estimates,"
"predicts," "potential," "continue," "hopes" or the negative of
such terms or other comparable terminology. These forward-looking
statements include, but are not limited to, statements about the
Company's plans, objectives, goals, expectations and intentions
with respect to the bankruptcy proceedings and the financing
commitment, the number and types of homes that the Company may
develop and sell, the timing and outcomes of court proceedings,
lender negotiations, and other statements contained herein that are
not historical facts. These statements are not guarantees of future
performance and involve risks, uncertainties, assumptions and other
factors that are difficult to predict. Therefore, actual results
may vary materially from what is expressed in or indicated by the
forward-looking statements. The risk factors set forth under "Item
1A. Risk Factors" in our Annual Reports on Form 10-K and other
matters discussed from time to time in our filings with the
Securities and Exchange Commission, could affect future results,
causing these results to differ materially from those expressed in
our forward-looking statements. Currently, the risks and
uncertainties that may most directly impact our future results
include (i) the ability of the Company to continue as a going
concern; (ii) the Company's ability to obtain Bankruptcy Court
approval with respect to the Plan and other motions in the Chapter
11 Cases; (iii) risks associated with third party motions in the
Chapter 11 Cases, which may interfere with the Company's ability to
consummate the Plan as currently proposed; (iv) the ability to
execute the Company's business and restructuring plan; (v) the
Company's ability to maintain contracts that are critical to its
operation, and to retain key executives, managers and employees. In
the event that the risks disclosed in our public filings and those
discussed above cause results to differ materially from those
expressed in our forward-looking statements, our business,
financial condition, results of operations or liquidity could be
materially adversely affected. Accordingly, our investors are
cautioned not to place undue reliance on these forward-looking
statements because, while we believe the assumptions on which the
forward-looking statements are based are reasonable, there can be
no assurance that these forward-looking statements will prove to be
accurate. Further, the forward-looking statements included in this
release and those included from time to time in our other public
filings, press releases, our website and oral and written
presentations by management are only made as of the respective
dates thereof. We undertake no obligation to update publicly any
forward-looking statement in this release or in other documents,
our website or oral statements for any reason, even if new
information becomes available or other events occur in the
future.
SOURCE California Coastal Communities, Inc.
