Mortgage Realty & Trust Repays $21 Million
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Mortgage Realty & Trust, a real estate investment trust with executive offices in Burbank and Elkins Park, Pa., said it paid an additional $21 million to its creditors, reducing its outstanding debt to $329 million. The payment was part of a reorganization plan for the trust, which emerged from Chapter 11 bankruptcy proceedings last spring.
Under the plan, Mortgage Realty must repay the entire $403 million it owed to creditors when it filed for bankruptcy protection in April, 1990, plus interest.
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