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 Standard Pacific skated past banktruptcy by selling itself. View next topic
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The Wizard
Cherry Bomb


Joined: 22 Feb 2008
Posts: 114

Standard Pacific skated past banktruptcy by selling itself.
PostPosted: Wed May 28, 2008 1:09 am Reply with quoteBack to top

Standard Pacific announced today that private equity firm MatlinPatterson Global Advisors (MP CA HOMES LLC) is recapitalizing the company in the order of $530,000,000.

The proposed transaction still needs to be approved by shareholders. This dispells the rumors that StanPac was looking to merge before it would have considered bankruptcy. Once this is approved by shareholers it allows StanPac to go on the offensive on land positions.

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DFW_Builder
Dud?


Joined: 18 May 2008
Posts: 3
Location: Dallas, TX

Re: Standard Pacific skated past banktruptcy by selling itself.
PostPosted: Wed Jun 04, 2008 12:31 am Reply with quoteBack to top

"On the offensive"??? Or just make payroll, pay it's vendors and hopefully sell enough homes to stay in business as they bleed that half billion down. With the stock hanging on at $3.42 (close of business today), they need to have a positive cash flow for the remainder of the year or their equity firm "partner" will start pushing some new ideas down the pipe.
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The Wizard
Cherry Bomb


Joined: 22 Feb 2008
Posts: 114

Re: Standard Pacific skated past banktruptcy by selling itself.
PostPosted: Sat Jun 07, 2008 3:37 pm Reply with quoteBack to top

I meant what i said, they will be on the offensive.

The $530,000,000 injected is to get them back up on their feet and positioned for the future. The equity partner approach is the same as Bank of America is to Countrywide.

The "partner" is in an acquisition mode and part of the strategy is to keep it afloat till they can pounce.

We will see in the next 3 quarters.

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