OTHER NEWS - Dec. 14, 1994

Bond Refinancing Delayed Irvine Apartment Communities Inc. said it will delay plans to refinance $327.3 million in tax-exempt bonds until it can determine how Orange County’s bankruptcy filing will affect the area’s real estate industry. The Newport Beach company had scheduled discussions on refinancing the debt for Dec. 6, the day the county filed for Chapter 9 bankruptcy protection, said Richard Moran, the company’s chief financial officer. The debt is backed by letters of credit from money-center banks and some of the company’s apartment properties, Moran said. Though the bonds are not tied to the county’s finances, he said, the company still wants to refinance them to lengthen the maturities. Irvine Apartments was spun off earlier this year from Irvine Co., Orange County’s largest real estate company.