FX Real Estate units default on $475 million mortgage loan, do not expect to repay at maturity

By Caroline Salls

Pittsburgh, Dec. 29 - FX Real Estate and Entertainment Inc. said the subsidiaries that own its Las Vegas properties are in default on a $475 mortgage loan after a non-compliance waiver expired on Dec. 19, according to an 8-K filed with the Securities and Exchange Commission.

According to the 8-K, the company and the subsidiaries do not expect to be able to repay the loan when it matures on Jan. 6.

As previously reported, the default stems from noncompliance with a debt to loan value ratio covenant included in the loan agreement.

FX Real Estate and Entertainment is based in New York and is focused on the development of real estate and entertainment-based projects and attractions.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.