NEWPORT BEACH, Calif. - Capital Pacific Homes Inc., a newly formed company, has agreed to acquire the common stock and debt of California home builder J.M. Peters Co.

The failed San Jacinto Savings Association of Houston, Tex., had held the builder's securities. The purchase agreement was announced Tuesday by the Resolution Trust Corp., acting as receiver.

San Jacinto held 12 million shares of J.M. Peters common stock, constituting, 85.8% of the shares outstanding, and $126.5 million principal amount of debt, with about $18.3 million in accrued interest.

The purchase, for a planned $47.25 million, is pending a due diligence review by Capital Pacific, final approval by the RTC, and negotiation and execution of a definitive agreement.

Capital Pacific Homes Inc. is owned and managed by Hadi Makarechian and Dale Dowers as chairman and president, respectively.

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