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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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Additional Info

  • Syndicate to Realpoint: No
  • Sector: Hotel & Resort
  • Subject: Bankruptcy/Foreclosure (BKRPT), Earnings/Dividends (EARN)
  • Company: Avatar Holdings Inc.
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Data Digest







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




cppichart FP



CMBS 2.0 Spreads


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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