After $470M Default, MPG To Surrender LA Skyscrapers

Law360, New York (March 16, 2012, 3:13 PM EDT) -- MPG Office Trust Inc. is planning on surrendering to receivership a major Los Angeles office skyscraper complex after defaulting on the $470 million loan, the company said in a Thursday filing with the U.S. Securities and Exchange Commission.

A special purpose subsidiary of MPG has been unable to make its payments, and the unnamed special servicer for the loan accelerated the debt last week, but has not yet foreclosed on Two California Plaza property, according to the filing. While the loan originally defaulted last year, MPG...
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