Standard Pacific Corp. gets extension, reduces debt
Shares of Standard Pacific Corp. (NYSE:SPF) are rising on news before the start of trading that the homebuilder has obtained a default waiver extension from its bank. The expiration date has been pushed back to May 14 from March 30. As part of the agreement, the Irvine, Calif.-based company has also reduced its revolving credit facility commitment to $700 million from $900 million. Standard Pacific is continuing to negotiate with lenders.
At 11:51 a.m. ET, the stock had added $0.33, or 7%, to $5.01. For detailed price information and recent news stories about Standard Pacific, click SPF.
