Pursuits
KB Home to Pay Lenders Up to $225 Million for South Edge
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KB Home agreed to pay lenders as much as $225 million to settle claims for its share of the bankrupt South Edge community near Las Vegas, more than previously announced, the builder said today.
The company, which specializes in houses for first-time buyers, previously estimated a $211.8 million obligation while awaiting a court settlement, according to an April 11 regulatory filing. JPMorgan Chase Bank NA and two other lenders filed an involuntary Chapter 11 bankruptcy on the property, which was upheld on appeal in April.