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December 8, 2008
Forest City Enterprises suspends dividends
Real-estate developer Forest City Enterprises suspends dividends to maintain liquidity
AP via Yahoo! Finance
Forest City Enterprises Inc., which develops commercial and residential real estate, said Monday its board voted to suspend quarterly cash dividends on its Class A and Class B common shares.
The suspension will take effect after the 8-cent per share dividend payment scheduled for Dec. 15.
"In the current economic and financial market conditions, maintaining liquidity is our highest priority," said President and Chief Executive Charles A. Ratner in a statement. "The board felt this was an appropriate action to preserve cash."
Ratner said the board will reevaluate its decision when economic and market conditions improve.
In October, Standard & Poor's Rating Services cut the Cleveland-based real-estate developer's credit ratings further into junk, or noninvestment grade, status.
NoLandGrab: Hmm, must be those pesky lawsuits again.
Posted by eric at December 8, 2008 11:43 AM