In a statement, ratings agency cites concern that a possible lender call in August could trigger all the company's debt covenants. More
The downgrade comes on the heels of Hovnanian's nonpayment of a scheduled quarterly dividend on its $140 million series-A preferred stock. More
In an SEC filing, the company discloses that it has asked to extend a previously negotiated waiver of certain financial covenants through Feb. 1 as well as to revise some of its re-margin obligations with respect to its lenders and certain land banking partners. More
Company says "there can be no assurance that we will be able to comply with the amended covenants and other requirements" as it posts a net loss of $69.7 million and writes off $35.9 million on revenues of $166 million, down 61% from last year. More
Meritage reduces the total available under its revolver and gains relief from certain covenants; Dominion, technically in default, seeks an extension on its credit line. More
Reduces revolver and term facilities to gain flexibility on covenants and interest coverage. More
Company says it lost $29.7 million in the second quarter, including $17.2 million in impairments, and that it is now in violation of several of its loan covenants. More
