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K. Hovnanian Enterprises, Inc. Amends Proposed Amendments in Respect of Its Senior Secured Notes Due 2013.

Publication: PR Newswire
Publication Date: 01-OCT-09 		Format: Online
Delivery: Immediate Online Access

Article Excerpt
RED BANK, N.J., Oct. 1 /PRNewswire-FirstCall/ -- Hovnanian Enterprises, Inc. (the "Company") announced that its wholly owned subsidiary, K. Hovnanian Enterprises, Inc. ("K. Hovnanian"), has amended its Offer to Purchase and Consent Solicitation Statement, dated September 21, 2009 (as it may be further amended from time to time, the "Statement"), in order to seek consents from the holders of its 11-1/2% Senior Secured Notes due 2013 (the "2013 Secured Notes") to an additional amendment to the Intercreditor Agreement dated as of May 27, 2008 (the "May 2008 Intercreditor Agreement"), among the Company, K. Hovnanian, certain of their respective subsidiaries, PNC Bank, National Association, Wilmington Trust Company, as trustee and collateral agent for the 2013 Secured Notes, and Wilmington Trust Company, as mortgage tax collateral agent, to increase the maximum amount of debtor-in-possession financing ("DIP Financing") that the trustee, collateral agent and mortgage tax collateral agent shall be deemed to have consented to on behalf...

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