Medical Properties Defaults on Debt of $14.35 Million
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Medical Properties Inc., an Encino real estate investment trust, said Monday that it has defaulted on its $14.35 million in debt and faces possible foreclosure on its medical properties.
If it can’t sell the properties or restructure to obtain new capital, the company added, it could lose all its assets and be forced to discontinue operations.
The debt payment was due Dec. 31, but Medical Properties said it wasn’t able to sell any of its properties in time, and it has no other resources to pay the debt. It previously said its total assets are estimated to be worth far less than its total debt.
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