American Mortgage Files For Ch. 11 With Plan In Hand

Law360, New York (April 26, 2010, 6:51 PM EDT) -- Real estate investment trust American Mortgage Acceptance Co. has filed for Chapter 11 protection, blaming the mortgage-backed securities crisis for its financial woes.

The company filed a voluntary bankruptcy petition Monday in the U.S. Bankruptcy Court for the Southern District of New York, listing assets of $6.37 million and debts of just under $120 million.

Its only remaining unsecured creditors are C-III Capital Partners LLC, to which it owes about $93 million, and Taberna Preferred Funding, to which it owes $26.5 million, according to the filing....
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