Mortgage & Realty Trust Bankruptcy Review Slated
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Mortgage & Realty Trust, a Burbank real estate investment trust that filed for Chapter 11 bankruptcy protection in April, said its final reorganization plan is to be reviewed by the U.S. Bankruptcy Court on Feb. 21.
The company said its plan calls for payment in full to all creditors within 4 1/2 years, with interest at an initial rate of prime plus 1%, increasing by one-quarter of a percentage point every six months. The company said the plan has been approved by creditors and shareholders.
Mortgage & Realty said it was forced to seek bankruptcy protection after the Standard & Poor’s credit rating agency downgraded its credit, which caused it to miss $105 million in debt payments due in March.
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