Centerline Holding Co. Cuts Staff

Posted by Orb Staff on November 05, 2008 No Comments
Categories : Residential Mortgage

Centerline Holding Co., the parent company of Centerline Capital Group – an alternative asset management company with a focus on real estate funds and financing – has reduced its workforce nationwide by about 20%.

A significant part of the company's restructuring includes shifting resources to enhance its special servicing and asset management functions.

On October 31, Centerline and its lenders entered into an amendment to its revolving credit and term loan agreement. The company agreed to reduce its term loan debt to no more than $50 million by Nov. 21, which requires a payment of approximately $18.8 million. Additionally, Moody's Investors Service has lowered Centerline's corporate family rating to B2 from B1, as a result of the payment deferment.

The company adds that is in active negotiations with its lenders to implement a debt-financing package to stabilize its finances in the long term.

Source: Centerline Holding Co.

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