LV builder to post loss, looks at asset sales

Thursday, March 23, 2000 | 11:18 a.m.

Las Vegas-based builder Saxton Inc. said it expects to report an as yet undetermined fourth quarter loss, and may report a loss for the year.

The company said its final earnings tally for 1999 will be complete before April 14, 2000.

Saxton attributed the expected losses to several developments, including work slowdown on construction projects in Utah and Nevada due to insufficient cash flows to pay subcontractors.

The company is also in the midst of a debt restructuring plan, and is currently in negotiations with lenders, suppliers and subcontractors.

Saxton expects the restructuring will involve the sale of portfolio properties and land holdings.

"We are currently looking at the possibility of selling properties and some land holdings in Utah, Arizona as well as Las Vegas," said Saxton Vice President Melody Sullivan.

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