VMS Realty Halts Debt Payments: VMS Realty...
From Times Staff and Wire Reports
VMS Realty Halts Debt Payments: VMS Realty Partners, a major real estate company partly owned by Xerox Corp., has suspended all but essential payments to lenders and to its eight publicly owned mortgage investment funds due to severe cash-flow problems. Chicago-based VMS manages assets of more than $9 billion. Xerox Credit Corp., a subsidiary of Xerox Corp., said its 25% equity in VMS has a book value of $106 million. B. Alex Henderson, an analyst who follows Xerox for Prudential-Bache Securities Inc., said VMS does not account for a meaningful amount of Xerox’s operating profit.
