Standard Pacific (SPF) RESTRUCTURING?
We know they ended the year in violation of their debt covenants for the third time. Any baseball players out there?
We know they have one of the highest OFF Balance sheet Joint Venture liabilities of any publicly traded homebuilder.
We know the bank only gave SPF a temporary waiver on December 31st.
We know that a high percentage of SPF's reported book value is land.
We know, based on recently reported sales, land is selling for around $0.30 and $0.40 on the dollar.
We know that SPF's Homebuilding assets were approximately $2.1 Billion dollars and its Debt and Accrued Liabilities was approximately $2.0 billion.
We know that orders coming in so for this year are tracking 39% below last years reduced levels.
Now according to the Street.com, we know that SPF is working with the RESTRUCTURING GROUP at Blackstone. http://www.thestreet.com/story/10402748/2/distressed-debt-investors-hover-as-default-risk-soars.html
What could be going on at SPF?