William Lyon Homes' financials delayed, expected within grace period

By Caroline Salls

Pittsburgh, April 18 - William Lyon Homes had not completed its financial statements for the year ended Dec. 31 as of April 15, but it planned to do so within the 30-day grace period provided under William Lyon Homes, Inc.'s 7 5/8% senior notes due 2012, 10¾% senior notes due 2013 and 7½% senior notes due 2014, according to an 8-K filed with the Securities and Exchange Commission.

The company announced on March 21 that it has been conducting and finalizing its non-cash impairment analysis in connection with its annual audit for 2010.

On March 30, William Lyon Homes said it needed more time to complete the financial statements and required audit to be included in the 10-K for the year ended Dec. 31 to reflect the impairment analysis.

William Lyon Homes is a homebuilder based in Newport Beach, Calif.

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