{"id":7078,"date":"2008-02-01T00:00:00","date_gmt":"2008-02-01T00:00:00","guid":{"rendered":""},"modified":"-0001-11-30T00:00:00","modified_gmt":"-0001-11-30T04:00:00","slug":"hedge-funds-oppose-tousa-refinancing","status":"publish","type":"post","link":"https:\/\/www.hedgeco.net\/news\/02\/2008\/hedge-funds-oppose-tousa-refinancing.html","title":{"rendered":"Hedge Funds Oppose Tousa Refinancing"},"content":{"rendered":"<p>Houston Chronicle- A group of hedge funds is fighting to unravel Tousa Inc.s&#8217; July 2007 refinancing, saying that would allow the homebuilder to pay unsecured creditors of its subsidiaries in full. <\/p>\n<p>The investor group, which holds nearly a quarter of Tousa&#8217;s $1 billion in unsecured notes, contend the company &quot;forced&quot; its subsidiaries to guarantee first- and second-lien loans to refinance $675 million in debt it racked up by buying the homebuilding assets of Transeastern Properties Inc.<\/p>\n<p>The &quot;disastrous&quot; refinancing, the investors said, unnecessarily saddled the subsidiaries with $500 million in new debt. In papers filed with the U.S. Bankruptcy Court in Fort Lauderdale on Wednesday, they said the refinancing rendered Tousa and its units insolvent.<\/p>\n<p><a href=\"http:\/\/news.google.com\/news\/url?sa=T&#038;ct=us\/9-0&#038;fd=R&#038;url=http:\/\/www.chron.com\/disp\/story.mpl\/ap\/fn\/5499696.html&#038;cid=1127164483&#038;ei=n9aiR-mUFp6arAPijpSPDA\"><strong>Read Complete Article<\/strong><\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Houston Chronicle- A group of hedge funds is fighting to unravel Tousa Inc.s&#8217; July 2007 refinancing, saying that would allow the homebuilder to pay unsecured creditors of its subsidiaries in full. The investor group, which holds nearly a quarter of [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[],"tags":[],"class_list":["post-7078","post","type-post","status-publish","format-standard","hentry"],"_links":{"self":[{"href":"https:\/\/www.hedgeco.net\/news\/wp-json\/wp\/v2\/posts\/7078","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.hedgeco.net\/news\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.hedgeco.net\/news\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.hedgeco.net\/news\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/www.hedgeco.net\/news\/wp-json\/wp\/v2\/comments?post=7078"}],"version-history":[{"count":0,"href":"https:\/\/www.hedgeco.net\/news\/wp-json\/wp\/v2\/posts\/7078\/revisions"}],"wp:attachment":[{"href":"https:\/\/www.hedgeco.net\/news\/wp-json\/wp\/v2\/media?parent=7078"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.hedgeco.net\/news\/wp-json\/wp\/v2\/categories?post=7078"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.hedgeco.net\/news\/wp-json\/wp\/v2\/tags?post=7078"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}