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FTE Networks inks foreclosure deal, mulls proposal for combination paired with new management team

Tuesday 15 October 2019 | 16:06 CET | News
FTE Networks said that lender Lateral Investment Management has taken possession of the company's Benchmark Builders in a foreclosure deal that will bring debt relief worth over USD 80 million. The foreclosure follows certain defaults. FTE said it also considering a sort of combination proposal that would see a firm contribute a multi-billion dollar real estate asset portfolio in exchange for FTE issued securities. Under the proposed deal, FTE would also acquire a public non-traded REIT with a portfolio of commercial development assets and get a complete new management team. Talks continue on

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Categories: Fixed
Countries: United States
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