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Wednesday, 19 April 2000

Atlantic Gulf Communities Faces Restructuring, Bankruptcy

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April 20, 2000

BOCA RATON, Fla. – Atlantic Gulf Communities Corp. (OTC Bulletin Board:AGLF ) could be forced to file for bankruptcy protection if it is unable to retire some of its debt.

The company made the warning today when it reported a loss of $78.3 million or $6.33/share share on revenue of $75.6 million for the year ended Dec. 31.

The residential real estate developer is in the third phase of a restructuring program. It said that if its current financial strategy does not "generate sufficient funds to retire its corporate-level indebtedness and outstanding preferred stock," it would have to consider other alternatives, including filing for bankruptcy.

Atlantic Gulf is in default on the debt encumbered by Chenoa, a 577-unit community near Glenwood Springs, Colo. Partly as a result of that default, the firm has received a "going concern opinion," that expresses doubt about the company's long-term viability.

Besides Chenoa, Atlantic Gulf's other prime asset is WestBay, a 696-unit community near Naples, Fla. It has been selling other non-luxury resort properties.



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Data Digest

 

CMBS DELINQUENCY VOLUME

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CMBS SPECIAL SERVICING VOLUME

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Top Bookrunners Domestic, Private-Label CMBS - 2017
Investment Bank #Deals Vol$mln MktShr%
Goldman Sachs 17.59 11,819.34 13.68
JPMorgan Securities 14.52 10,968.11 12.70
Citigroup 12.04 10,012.71 11.59
Wells Fargo Securities 14.02 9,936.06 11.50
Deutsche Bank 12.55 9,879.74 11.44

 

RCA CPPI

 

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CMBS 2.0 Spreads

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Top CMBS Loan Contributors - 2017
Lender #Loans Vol$mln MktShr%
Goldman Sachs 146.89 11,719.34 13.63
JPMorgan Chase Bank 117.68 10,114.14 11.76
Deutsche Bank 198.48 9,689.97 11.27
Morgan Stanley 166.18 8,539.78 9.93
Citigroup 199.05 8,088.24 9.41

 

 

 

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