Origination/Lending
Accredited Clears Primary Regulatory Hurdle for Lone Star Acquisition
By: PAUL JACKSON
August 10, 2007
Per a press release issued this morning:
Accredited Home Lenders Holding Co. today announced that it has received regulatory approvals from states representing over 95% of the Company’s loan production volume for 2006, thereby satisfying one of the primary conditions to the close of the pending tender offer for the Company’s outstanding stock by an affiliate of Lone Star Fund V (U.S.), L.P. The tender offer is currently scheduled to expire at midnight on August 14, 2007.
The San Diego-based lender recently caused a storm with disclosures in a delayed 2006 filing with the SEC that said the company could not assure investors of its ability to operate as a going concern.
Fitch also recently put the company’s servicing arm under negative ratings watch.
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