William Lyon Homes pays down $30 million DIP loan upon emergence

By Marisa Wong

Madison, Wis., Feb. 28 - William Lyon Homes, Inc. repaid in full its $30 million debtor-in-possession credit facility on Feb. 24, according to an 8-K filed Tuesday with the Securities and Exchange Commission.

The company obtained the DIP loan from Colony Financial, Inc. and its affiliates in January. As previously reported, the facility was to mature on the earliest of 180 days from entry of the interim order, the completion of a sale of substantially all company assets, the effective date of a plan of reorganization and acceleration of the DIP loans.

The company emerged from bankruptcy on Feb. 25.

The Newport Beach, Calif.-based company designs, constructs and sells single family detached and attached homes in California, Arizona and Nevada. Its Chapter 11 case number is 11-14019.

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