microhedge
09-23-2007, 09:06 PM
You may have seen this, thought I better post it as I had not seen it discussed as of late
GEEC Reinstates Tarragon Loans
Friday September 21, 4:05 pm ET
General Electric Capital Corp. Reinstates $550 Million in Loans to Tarragon Corp.
NEW YORK (AP) -- Tarragon Corp. said Friday that General Electric Capital Corp., its largest lender, reinstated more than $550 million in loans it had made to the troubled developer of multifamily housing.
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Tarragon said it is currently in discussions with other lenders regarding similar agreements.
In August, Tarragon said the deterioration of the homebuilding industry and real estate credit markets led to liquidity problems that could prevent the company from continuing its operations.
The ongoing negotiations with lenders are part of a plan to restore liquidity and improve its financial condition.
The plan includes the possible sale of additional properties, the proceeds of which would be used to repay or bring current Tarragon's obligations under other loan agreements, the company said. Tarragon has already sold two Florida properties for $69.3 million.
GEEC Reinstates Tarragon Loans
Friday September 21, 4:05 pm ET
General Electric Capital Corp. Reinstates $550 Million in Loans to Tarragon Corp.
NEW YORK (AP) -- Tarragon Corp. said Friday that General Electric Capital Corp., its largest lender, reinstated more than $550 million in loans it had made to the troubled developer of multifamily housing.
ADVERTISEMENT
Tarragon said it is currently in discussions with other lenders regarding similar agreements.
In August, Tarragon said the deterioration of the homebuilding industry and real estate credit markets led to liquidity problems that could prevent the company from continuing its operations.
The ongoing negotiations with lenders are part of a plan to restore liquidity and improve its financial condition.
The plan includes the possible sale of additional properties, the proceeds of which would be used to repay or bring current Tarragon's obligations under other loan agreements, the company said. Tarragon has already sold two Florida properties for $69.3 million.