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LOMAS & NETTLETON MORTGAGE INVESTORS TO RESTRUCTURE INDEBTEDNESS

 LOMAS & NETTLETON MORTGAGE INVESTORS TO RESTRUCTURE INDEBTEDNESS
 DALLAS, April 8 /PRNewswire/ -- Lomas & Nettleton Mortgage Investors (NYSE: LOM) ("LNMI") announced today that it had retained Bear, Stearns & Co., Inc. to advise it regarding various alternatives to restructure its outstanding subordinated indebtedness. LNMI said that one of the alternatives being considered was an exchange offer for its outstanding subordinated notes to extend the maturity and reduce the interest rate. The exchange offer would be coupled with a restructuring of its senior indebtedness that would extend its maturity and amend certain covenants.
 Pending resolution of its attempts to restructure its subordinated indebtedness, LNMI said that it does not currently intend to make the June 1, 1992 interest payment on its subordinated notes.
 LNMI reported that it was in the process of contacting the major holders of its subordinated notes for the purpose of scheduling a meeting and suggesting the formation of a noteholders committee to negotiate with LNMI.
 LNMI holds a diversified portfolio of mortgage loans and real estate equities. At March 31, 1992 it had $149.6 million of outstanding senior indebtedness and $100 million of outstanding subordinated notes.
 -0- 4/8/92
 /CONTACT: Ted Enloe of Lomas & Nettleton, 214-879-5490/
 (LOM) CO: Lomas & Nettleton Mortgage Investors ST: Texas IN: FIN SU: RCN


SH -- NY058 -- 6229 04/08/92 11:48 EDT
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Publication:PR Newswire
Date:Apr 8, 1992
Words:219
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