Business News • MarketWire • Comstock Homebuilding Successfully Completes Strategic Realignment Plan to Stabilize Company; Final Loan Restructurings Eliminate $5.4 Million of Debt and Enhance Cashflow |
Comstock Homebuilding Successfully Completes Strategic Realignment Plan to Stabilize Company; Final Loan Restructurings Eliminate $5.4 Million of Debt and Enhance Cashflow |
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Comstock Homebuilding Successfully Completes Strategic Realignment Plan to Stabilize Company; Final Loan Restructurings Eliminate $5.4 Million of Debt and Enhance Cashflow
RESTON, VA--(Marketwire - February 17, 2010) - Comstock Homebuilding Companies, Inc. (the "Company") (NASDAQ: CHCI) today announced that it has entered into a binding agreement ("Modification Agreement") to modify the terms of the Company's senior unsecured note with Stonehenge Funding, LC ("Stonehenge"), an entity wholly-owned by Christopher Clemente, the Chairman and Chief Executive Officer of the Company. On December 23, 2009 Stonehenge acquired the senior unsecured note from JP Morgan Ventures ("JPMV") which had a $9,000,000 principal balance as described in the Amended and Restated Indenture between the Company and JPMV dated March 14, 2008 (the "JP Morgan Debt"). The purchase of the JP Morgan Debt also resulted in the transfer to Stonehenge of a warrant previously issued to JPMV for the purchase of 1,500,000 shares of the Company's Class A Common Stock with a strike price of $0.70 per share ("JP Morgan
View More : http://www.marketwire.com/mw/release.do?id=1118573&sourceType=3
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