Presley Cos. Revises Loss to $64 Million
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NEWPORT BEACH — The Presley Cos. reported Thursday that it will change its 1993 loss from $51 million to $64.3 million because it decided to change its method of accounting for its real estate holdings.
The builder of planned housing tracts said in a statement that it has revised its method of determining value of its properties to include post-completion holding costs other than interest.
Presley Cos. has been financially troubled because it bought vacant land at the top of the real estate market in the late 1980s, and it has since seen the value of the land plummet.
Earlier this month, the Presley Cos. said it finalized an agreement with its lenders to restructure a $340-million revolving line of credit, giving lenders a 70% stake in the company.
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