UDC Homes Inc. May Sell Company: Struggling...
From Times Staff and Wire Reports
UDC Homes Inc. May Sell Company: Struggling with high debt costs, the firm said it is in violation of certain loan agreements and is negotiating to sell all or part of the company. Because of mounting losses, the Tempe, Ariz.-based home builder said it can’t pay $400,000 in interest due today on its convertible subordinated notes. UDC is in talks with the holders of those notes about receiving additional notes instead of a cash payment.
