Mortgage & Realty Trust Reduces Its Overall Debt
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Mortgage & Realty Trust said it has made a $10-million principal payment to its creditors, lowering the company’s overall debt outstanding to $290 million.
Mortgage & Realty is a real estate investment trust with executive offices in Burbank and Elkins Park, Pa. The trust said the $290-million debt load was the maximum allowed as of Dec. 31 under Mortgage & Realty’s reorganization plan.
The reorganization was designed under federal bankruptcy court protection, from which Mortgage & Realty emerged two years ago.
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