Reorganization Plan Confirmed: Mortgage & Realty Trust,...
From Times Staff and Wire Reports
Reorganization Plan Confirmed: Mortgage & Realty Trust, a real estate investment trust with executive offices in Burbank, said a U.S. Bankruptcy Court in Los Angeles confirmed its plan of reorganization. Mortgage & Realty, which had assets of $602 million as of Dec. 31, has been operating under Chapter 11 of federal bankruptcy law since April 12, 1990, when it was unable to make about $105 million in debt payments. It was not immediately known if the confirmed plan varies widely from Mortgage & Realty’s earlier announced plan, in which it proposed to pay off creditors in full within 4 1/2 years.
