Medical Properties Inc. to Cease Operations

Medical Properties Inc., an Encino real estate investment trust, said last week its secured lender, Foothill Capital Corp., would complete foreclosure proceedings against all of Medical Properties’ remaining assets within the week. The company said it will then cease business operations. Its board of directors will also soon resign.

Medical Properties owed $13 million to Foothill as of June 30. The company was unable to make required payments on the debt, which was due Dec. 31. In March, it reported it had defaulted. Medical Properties said its remaining assets are worth less than what it owes to Foothill.