California Coastal Communities, Inc. is a residential land development and homebuilding company with properties owned or controlled in Orange County, California and also in Lancaster in Los Angeles county. Its primary asset is a 356-home luxury coastal community known as Brightwater in Huntington Beach, California. On October 27, 2009, California Coastal Communities, Inc. and certain of its direct and indirect wholly owned subsidiaries filed voluntary petitions (the Chapter 11 Petitions) for relief under chapter 11 of title 11 (Chapter 11) of the United States Code (the Bankruptcy Code) in the United States Bankruptcy Court for the Central District of California (the Bankruptcy Court). On March 26, 2010, the Company filed a proposed disclosure statement and proposed joint plan of reorganization with the Bankruptcy Court, neither of which has been approved by the Bankruptcy Court.