CreditSights logo
Forgot Password?

Doral Financial

Search Results

Excerpts only. To access full content please login or request a free trial.


Doral Financial: Second Bidder Drops Out

Worth Watching: 26 Jun 2007, 1:04 AM ET - Doral Financial announced that a second rescue bid by FBOP, a bank based in Oak Park, Ill., had been withdrawn. FBOP had originally proposed to buy an 80% stake in Doral Financial for $610 million, compared to a rival offer for a 90% stake for $61 ..

Doral Financial: Gets Buyout from Private Equity

Worth Watching: 18 May 2007, 12:47 AM ET - Doral Financial announced that it had agreed to a buyout by a consortium of private equity buyers, led by Bear Stearns Merchant Banking (BSMB). Doral will sell $610 million of Doral common stock for $0.63 per share to a newly-formed entity, known ..

Doral Financial: Chairman Resigns

Worth Watching: 04 Jan 2007, 12:50 AM ET - Doral Financial (B1/B+, both with negative outlooks) announced that its Chairman of the Board John Ward resigned.  Doral attributed Ward's decision to resign to fact that  Ward held different view as to the best plan for the company to meet its ca ..

Doral Financial: Settles

Worth Watching: 20 Sep 2006, 1:10 AM ET - Doral Financial (B1/B+▼, Moody's has a negative outlook) reached an agreement with the SEC to settle a lawsuit over the restatement of the company's financial statements for the years 2000 to 2004. Doral agreed to pay a $25 million civil penalty t ..

Doral Financial: Appoints New CEO and Files 10-K

Worth Watching: 17 Aug 2006, 11:48 PM ET - Doral Financial (B1 (neg)/B+ ▼) announced that Glen Wakeman was appointed as CEO and a member of the company's board of directors. Prior to being named CEO, Wakeman served as the company's president and COO since May 30, 2006. He succeeds John War ..

Doral Financial: Restates Results for 2000 Through 2004

Worth Watching: 27 Feb 2006, 11:37 PM ET - Doral Financial (Ba3/BB-▼, Moody's has a negative outlook) restated financial results for 2000 through 2004. The cumulative effect of the restatement through YE04 was a decrease in retained earnings of  $694 million, which includes a total decreas ..

Doral: Announced Redemption of Notes Above Par, Consent Solicitation of Others

Worth Watching: 21 Dec 2005, 1:05 AM ET - Doral stated it had authorized redemption of some Senior Notes in order to avoid a notice of default. Doral's board authorized the redemption of its 7.84% Senior Notes due Oct. 10, 2006, in the principal amount of $75 million. Pursuant to the term ..

Doral Financial: Provides 3Q Update of Operational Data

Worth Watching: 03 Nov 2005, 12:00 AM ET - Doral Financial (Ba3/BB-▼, Moody's has a negative outlook) reported selected operational data for 3Q05 and 9M05 and said it intends to continue to meet its financial obligations to bondholders and other creditors. As of Sept. 30, 2005, the company ..

Doral: SEC Starts Formal Investigation

Worth Watching: 27 Oct 2005, 1:05 AM ET - Doral (Ba1▼/BB▼) announced it is a target of a formal probe by the SEC.  Additionally, the company announced it no longer expects to file its 2004 10-K by Nov. 10.  The SEC investigation is in connection with its informal inquiry into Doral's fina ..

Doral Financial: Request Compliance Extension from Nasdaq

Worth Watching: 23 Sep 2005, 1:46 AM ET - Doral Financial (Ba1▼/BB▼) said that it has requested an extension from the Nasdaq for coming into full compliance with its rules for stock listing. Doral is currently not in compliance for its failure to file timely 10-Q's for 1Q05 and 2Q05 due i ..

Doral Financial: S&P and Fitch Affirm Following Management Changes

Worth Watching: 23 Aug 2005, 1:29 AM ET - Doral Financial (Baa3▼/BB▼/BB+▼) had its ratings affirmed at S&P and Fitch following the announcement that its chairman/CEO, CFO, and treasurer would step down. After the market closed on Friday, the company announced that CEO Salomon Levis was re ..

Doral Financial: Elects Non-Executive Chairman

Worth Watching: 15 Jul 2005, 1:04 AM ET - Doral Financial (Baa3▼/BB▼) announced that its board of directors elected John Ward to the position of non-executive chairman of the board. The company also announced that Salomon Levis will remain CEO of the company and Zoila Levis will remain pr ..

Doral Financial: Cut to Baa3 at Moody's

Worth Watching: 13 Jun 2005, 1:12 AM ET - Doral Financial had its senior debt ratings cut to Baa2 from Baa3 at Moody's, and they remain on review for further possible downgrade. The actions reflect the company's pending restatement to adjust for the value of its interest-only strips (IOs) ..

Doral Financial: S&P Lowers to BB, Keeps on CreditWatch

Worth Watching: 01 Jun 2005, 1:40 AM ET - Doral Financial (Baa2▼/BB▼) had its long-term credit ratings lowered to BB at S&P and was kept on CreditWatch negative. The action is in response to the company's announcement that it is in technical default with two of its bond indentures (about ..

Doral Financial: Announces Restatement and Covenant Violation

Worth Watching: 31 May 2005, 1:12 AM ET - Doral Financial announced that changes in its valuation method for the fair value of its floating rate IOs would reduce the valuation of these securities by approximately $600 million, pretax. The company has not yet completed the analysis of how ..

Doral Financial: Mulling Sale of I/O Strips

Worth Watching: 24 Mar 2005, 12:12 AM ET - Doral Financial (Baa2/BBB-, both agencies have negative outlooks) announced it is evaluating various alternatives with respect to a possible sale of a portion of its portfolio of interest-only strips. The company is in preliminary talks with an un ..

Doral Financial: Outlook to Negative at Moody's

Worth Watching: 23 Mar 2005, 12:36 AM ET - Doral Financial (Baa2/BBB-, both agencies have negative outlooks) had its rating outlook cut to negative from stable at Moody's Investors Service. The negative outlook is a result of the possible risk of the company taking action to bolster shareh ..

Doral Financial: On Negative Outlook at S&P

Worth Watching: 17 Mar 2005, 11:59 PM ET - Doral Financial (Baa2/BBB-, S&P has a negative outlook) had its credit ratings affirmed and its outlook revised to negative at S&P. The outlook revision reflects concern over the company's business model and its sustainability in an adverse enviro ..

Doral Financial: 4Q04 Caps Record Year, EPS Beats by $0.18

Worth Watching: 19 Jan 2005, 10:47 PM ET - Doral Financial (Baa2/BBB-) reported 4Q04 EPS of $1.22, beating the Street consensus by $0.18.  The fourth quarter included a securities loss of $95 million, mostly attributable to a $98 impairment on the bank's interest-only strips that were affe ..

Doral @ Merrill: Mortgage Boom Still Going

Company Analysis: 16 Nov 2004, 8:28 PM ET - Doral Financial presented at the Merrill Lynch Financial Services conference. The presentation reviewed the company's expectation for strong mortgage production in 4Q04 and growth in its retail banking franchise.

Request A Free Trial

CreditSights offers free trials to individuals in qualified institutions.

Sign up now >>

Refine Results