Real estate deals continued to slump in the face of poor housing market conditions. A dealer cited Ginn Clubs and Resorts and Atrium Companies as two names that have seen their debt fall. Ginn Clubs' first lien and second lien were both down a couple of points to 97-98 1/2 and 97-98, respectively. Atrium's term loan was down a few points to 95-96.
Technical Olympic remained one of the most-affected real estate credits, said the dealer. Its term loan "B" is quoted in the 64-68 context; it was trading in the 68-70 context last week (CIN, 10/9). The debt has fallen about 30 points over the past three weeks.
Ginn Clubs is a large real-estate development and management company in the Southeast. It has nearly 40,000 acres of land under development in Florida, South Carolina, North Carolina, Vermont, Colorado and the U.S. Virgin Islands, according to its Web site. Atrium is the U.S.' largest maker of vinyl and aluminum windows and patio doors. Madhusudan Dewan, cfo of Atrium, did not return a call. Spokesmen for Ginn Clubs and Technical Olympic also did not return calls.