Orange County Register: Developer hopes for financing via coastal-project bankruptcy plan


Site improvements could resume full bore on the stalled 248-acre Marblehead Coastal development in San Clemente in a month or so if the project manager succeeds in accessing alternate financing through a bankruptcy plan filed this week, company officials say.

But if objections are raised – or if Irvine-based SunCal Cos. cannot get court approval for its new financing plan – it could take longer to arrange new funding.

"I hope they are successful," San Clemente Mayor Joe Anderson said. "Obviously, it's to all of our benefits if they are successful and they are able to complete the project."

Eight other SunCal-Lehman developments – including the Pacifica San Juan project in San Juan Capistrano – filed for voluntary bankruptcy last week. And involuntary bankruptcy petitions likely will be filed in a day or two on about five other SunCal projects, company officials said.