Baldwin Bailout Proposed: The beleaguered Newport Beach home builder would receive an $85-million infusion under a last-minute rescue plan approved by Baldwin and a new lender group that includes several Baldwin junk bond holders. If the new agreement is approved in U.S. Bankruptcy Court, Baldwin Co. would receive $70 million to pay off its debt to former lender General Electric Capital Corp. and would get a $15-million credit line to fund operations. But the money would not be available until mid-January and a big roadblock remains: GE's plan to foreclose on Baldwin, which filed for bankruptcy protection July 18 and whose debt became delinquent last month. The new loan agreement would probably collapse if Baldwin assets were tied up in a foreclosure proceeding, attorneys in the case said. A new motion to block the foreclosure is expected to be filed and heard this afternoon.
Times Staff and Wire Reports
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