2008-09-25 / Front Page

Developers of Stillwater Coves working to restructure debt

In the midst of declining real estate sales and a credit market that continues to deteriorate, Land Resource Corporation/Clarks Hill Lake, LLC, an upscale residential community development group, is in discussion with the company's senior lenders regarding ongoing liquidity needs and the restructuring of its existing indebtedness.

The Land Resource Corporation has already obtained final plat approval for Stillwater Coves, a 953.36-acre subdivision, located off of Hester's Ferry Road in Lincoln County.

According to J. Robert Ward, Land Resource chairman and CEO, company officials are working non-stop with lenders to restructure the company's debt and bring the capital structure in line with today's marketplace realities.

"In our most recent discussions, our lenders have expressed a strong interest in continuing to identify creative solutions to our finance challenges under unprecedented real estate market conditions," explained Ward. "While no definitive commitments have been made at this time, we remain very optimistic about the alternatives under discussion."

The CEO went on to note that Land Resource remains focused on preserving the value of its enterprise for the benefit of all company stakeholders including vendors, suppliers, and most importantly, property owners and customers. "We will remain steadfast in the pursuit of the financing we need," Ward stated.

In her comments, Meg Burg, planning and zoning director for Lincoln County, said, "The developers at Land Resource have been in contact with our office concerning the restructuring of their corporation. As we have stated in the past, the requirements of the Lincoln County Land Development Code, which governs our land development, will provide the necessary protection for Lincoln County and its property owners."

Founded in 1997 and based in Orlando, Florida, the Land Resource Corporation is committed to creating unique residential communities that preserve and showcase the natural beauty of their settings. Through thoughtful design and first-class planning, the company's properties have led the way in providing exceptional residential community living at every level.

Located primarily in the Southeast, Land Resource communities can be found in coastal, lakefront, and mountain locations in Georgia, North Carolina, West Virginia, Tennessee, and Florida.

The company's website can be accessed at www.landresource.com.

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