PUNTA GORDA, Fla. -- PGI Inc., a home builder and developer of residential communities, said it had reduced its debt by about $15 million.

Contributing to the reduction were a major asset sale and restructuring with BancFlorida, the company's primary lender, PGI said.

Before these transactions, PGI owed the thrift, based in Naples, Fla., more than $21.6 million in principal and accrued interest. The remaining balance, $9.3 million, was extended for a term of five years.

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