Standard Pacific hires Miller Buckfire to evaluate financial options

By Rebecca Melvin

New York, Jan. 11 - Standard Pacific Corp. has retained Miller Buckfire & Co. LLC to evaluate financial options, according to a Miller Buckfire source.

Standard Pacific, an Irvine, Calif.-based builder and seller of single-family attached and detached homes, declined to comment.

"We haven't announced anything," Standard Pacific spokesman Dan Hilley said.

Miller Buckfire is a New York-based firm that has served as the advisor in many large Chapter 11 bankruptcy cases including the currently ongoing cases of Calpine Corp. and Dana Corp.

Standard Pacific finds itself in particularly challenging times given the current credit crunch and recession in the U.S. housing market.

Last month, Standard Pacific chief financial officer Andrew Parnes dismissed rumors that the company may be intending to file Chapter 11 bankruptcy.

Commenting at a bank credit conference in Florida, Parnes said at that time that Standard Pacific is focused intently on reducing inventories, generating cash and paying down debt.

The company has $150 million of senior notes scheduled to mature in October. The company has also indicated that it intends to pay off a substantial portion of a revolving credit facility by the end of the year.

Also last month, shareholders voted in favor of increasing its total number of shares outstanding to 210 million from 110 million.

Standard Pacific shares (NYSE: SPF) plunged Friday to close down 47 cents, or 18%, at $2.20.

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