June 18, 2010 (FinancialWire) – Bankrupt developer California Coastal Communities, Inc. (OTCQB: CALCQ) said that it has obtained a financing commitment from an investor to provide $182 million of new debt financing to replace the company's existing secured debt facilities.

The commitment is subject to approval by the United States Bankruptcy Court for the Central District of California, and to the successful negotiation and execution of definitive loan documents, according to CCC.

Raymond J. Pacini, the firm’s CEO, said that the new financing, if approved by the court, “will provide a more certain exit from bankruptcy without the risk of litigation.”

California-based California Coastal Communities is a residential land development and homebuilding company operating in Southern California.

The company's principal subsidiaries are Hearthside Homes and Signal Landmark, which owns 110 acres on the Bolsa Chica mesa where sales began in August 2007 at the 356-home Brightwater community. 

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