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Written by Pacific Coast Business Times
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Thursday, 29 October 2009 |
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Ty Warner, Montecito resident and luxury hotel magnate, may be in danger of defaulting on debt and faces a potential ratings agency downgrade on $425 million debt backed buy four resorts, including Four Seasons in New York, according to Bloomberg News.
Standard & Poor’s placed Warner’s debt on “credit watch with negative implications” after net cash flow from the properties fell 46 percent below S&P’s expectations, Bloomberg reported.
Warner’s loan, held by Ty Warner Hotels, matures in 2010 and has one 12-month extension option remaining, the agency reported.
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During the past 15 years, a tool and hardware distributor in Camarillo called Central Purchasing exploded into one of the largest private companies in the Tri-Counties as it exploited new sales channels online, in broadcast media and at 300 retail stores..jpg)
In what may be the largest lease deal in the Tri-Counties to date this year, Dynacorn International leased 98,952 square feet of industrial space at 4030 Via Pescador in Camarillo. The seven-year lease is valued at more than $3.8 million, according to NAI Capital’s Ventura County office, which represented the lessee.
