TECHNICAL OLYMPIC GROUP?s management informs the investment community that US subsidiary TOUSA Inc. informed the U.S. Securities and Exchange Commission (SEC) on February 19, 2008 regarding the Restated Agreement for residential mortgage lending, under which the above activity will be brought into effect by the company with corporate name PHMCWF LLC, in which the wholly-owned subsidiary of TOUSA ?Preferred Home Mortgage Company? participates with 49.9% and with 50.1% the financial institution Wells Fargo Ventures LLC, subsidiary of Wells Fargo Bank. According to the agreement, the new company will enter into a revolving credit agreement with Wells Fargo Bank, N.A. providing for advances of up to $20,000,000.
Additionally, it was announced that on February 13, 2008 the "Consenting Holders" of the 8.25% Senior Notes due 2010 and the borrowing affiliates of TOUSA entered into a mutual consent to termination of the Restructuring Support Agreement dated January 28, 2008, in order to permit, according to the law, one of the Consenting Holders to serve as a representative to the official committee of unsecured creditors. The termination will be without penalty to the Company or the implementation of the restructuring programme, TOUSA announced.
Moreover, by letter received by TOUSA from NYSE, the NYSE informed TOUSA that the NYSE Regulation, Inc. Board of Directors' Committee for Review had affirmed the decision of the NYSE Regulation Staff to suspend trading in TOUSA's common stock and debt securities on the NYSE and to commence delisting procedures.
Finally, the same announcement states that on February 13, 2008, the US Trustee appointed the creditors to serve on the Creditors' Committee in the Debtors' chapter 11 Cases that are explicitly included in the relevant announcement of the Company to the US Securities and Exchange Commission (SEC).
More information is available at the website of the US Securities and Exchange Commission, www.sec.gov as well as at the website of the subsidiary company, www.tousa.com.