LAWSUITS NEWS & LEGAL INFORMATION
Recovery Claim
Dallas, TX: (Feb-16-08) Home Solutions of America, Inc., a provider of restoration, construction and interior services to commercial and residential customers, brought charges against the Vista Royale Condominiums component of the Florida Insurance Guarantee Association's construction recovery claim for $35 million. In a recent development, company officials stated that the company has settled its initial claim, and that after deduction for money previously paid and payments to the Vista Homeowner's Association, it has received approximately $14 million.
Records show that Home Solutions of America has two additional unresolved claims with the Florida Insurance Guarantee Association, for work completed on the Delmar Condominiums and Tropic Villa Condominiums in Florida. The company further announced that it has entered into a Forbearance Agreement with its lenders under its Revolving Credit Facility, Term Loan and Letter of Credit Facility. Under the Agreement, the Company paid $10.1 million in principal from the FIGA proceeds, which reduced the outstanding amounts due under the facilities to $39.9 million, in exchange for the lenders agreeing, subject to certain conditions including the absence of any subsequent default, to forego taking any action permitted under the Agreement until July 1, 2008. [PRIME NEWSWIRE: CONSTRUCTION SERVICES]
Published on Feb-19-08
Records show that Home Solutions of America has two additional unresolved claims with the Florida Insurance Guarantee Association, for work completed on the Delmar Condominiums and Tropic Villa Condominiums in Florida. The company further announced that it has entered into a Forbearance Agreement with its lenders under its Revolving Credit Facility, Term Loan and Letter of Credit Facility. Under the Agreement, the Company paid $10.1 million in principal from the FIGA proceeds, which reduced the outstanding amounts due under the facilities to $39.9 million, in exchange for the lenders agreeing, subject to certain conditions including the absence of any subsequent default, to forego taking any action permitted under the Agreement until July 1, 2008. [
Legal Help
If you have a similar problem and would like to be contacted by a lawyer at no cost or obligation, please click the link below.Published on Feb-19-08
