Note 21 - Subsequent Events

6 Months Ended

Apr. 30, 2018

Notes to Financial Statements

Subsequent Events [Text Block]

21 . Subsequent events

On

May 29, 2018,

K. Hovnanian completed the redemption of

$65.7

million aggregate principal amount of the

8.0%

Notes with borrowings of the Delayed Draw Term Loans under the Unsecured Term Loan Facility. See Note

11

for further information.

On

May 30, 2018,

the parties to the Solus litigation signed a stipulation of dismissal of all claims with prejudice. As part of the case resolution, on

May 30, 2018,

K. Hovnanian paid the overdue interest on the

8.0%

Notes held by Sunrise Trail that was originally due on

May 1, 2018,

and as a result of such payment, the “Default” under the Indenture governing the

8.0%

Notes was cured. The case resolution does

not

involve any settlement payment or admission of wrongdoing by any of the Hovnanian-related parties. On

May 31, 2018,

the Court so-ordered the stipulation and closed the case. See Note

7

for further information.