Mortgage and Realty May Seek Bankruptcy
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Mortgage and Realty Trust, a struggling real estate investment trust with dual headquarters in Burbank and Elkin, Pa., said its standstill arrangement with note holders expired Dec. 3 and isn’t likely to be renewed.
The company said it will continue to operate while attempting to work out other agreements with the note holders.
However, if that is impossible, Mortgage and Realty said it may be necessary for the company to “explore other alternatives, including seeking relief under Chapter 11” of the federal bankruptcy laws.
Filing Chapter 11 gives a company protection from its creditors while it seeks to reorganize its finances and emerge from bankruptcy.
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