Private investment seems to improve the current financial state of Standard Pacific Corp.
A Fortune 500 company based in Irvine, California, announced that MatlinPatterson Global Advisers LLC will invest in Standard Pacific to give additional liquidity and time to weather the housing downturn. The investment will be more than $530 million.
The news reflected upon the company’s place on the market. The shares went up $1.08, or 49 percent, to $3.30 at 12:33 p.m. in New York Stock Exchange composite trading.
Standard Pacific Corp. is engaged in the development of single-family homes. The company is the nation's 11th largest homebuilder by sales, and has built houses in California, Florida, Arizona, the Carolinas, Texas, Colorado and Nevada.
MatlinPatterson Global Advisers LLC is a private equity firm specializing in distressed situations. The firm was formerly known as CSFB Global Advisers, LLC. It operates as a subsidiary of MatlinPatterson Distressed Opportunities Fund. MatlinPatterson Global Advisers LLC was founded in 2000 and is based in New York City.