Standard Pacific gets extended credit waiver

The new waiver expires Aug. 14. The company did not disclose any other terms of the revised agreement.

A previous waiver extended the agreement 45 days past a March 30 deadline. In exchange for that deal, Standard Pacific's credit line cut to $700 million from $900 million.

Shares fell 27 cents, or 9.1 percent, to close at $2.70. The stock has ranged from $1.47 to $23.33 over the past year.