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Thornburg Mortgage Liquidating
Bad for Matlin Patterson, but very much as expected. As per a press release from the company, it is formally pulling the plug and shutting down.
The Company expects to file for Chapter 11 bankruptcy protection. The Company also intends to commence an orderly sale or liquidation of its remaining assets assisted by Houlihan Lokey Howard & Zukin Capital, Inc. in order to maximize any remaining value for its bondholders and creditors. Once these sales or liquidations are completed, the Company will discontinue operations.
In addition, the Company will not be able to make the March 31, 2009 interest payment on its Senior Subordinated Notes due 2015 (“Senior Subordinated Notes”). However, the Company has a 30-day grace period in which to make such payment before triggering a default under the Senior Subordinated Notes indenture. Finally, the Company does not expect to file its Annual Report on Form 10-K for the year ended December 31, 2008.
And all this just a year after the big MP-led recapitalization. Not a good IRR on this one for anyone involved.
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