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MORTGAGE AND REALTY TRUST: SUFFICIENT CASH ON HAND TO ENSURE REDUCTION OF MAXIMUM DEBT LEVEL PERMITTED AT DEC. 31 UNDER PLAN OF REORGANIZATION

MORTGAGE AND REALTY TRUST: SUFFICIENT CASH ON HAND TO ENSURE REDUCTION OF MAXIMUM DEBT LEVEL PERMITTED AT DEC. 31 UNDER PLAN OF REORGANIZATION
 ELKINS PARK, Pa., Dec. 16 /PRNewswire/ -- Mortgage and Realty Trust (NYSE: MRT) announced today it had sufficient cash on hand to ensure the reduction of its debt to $350 million, the maximum debt level permitted at Dec. 31, 1991, under its Plan of Reorganization.
 This level reflects the use of a deferral option of $10 million. The trust will make a payment to creditors on Wednesday, Dec. 18, 1991, reducing debt outstanding to $350 million. The trust may receive additional proceeds from the payoff of investments before the end of December and may make a further paydown of debt. A news release will be provided to the business and financial wires on or about Dec. 31, 1991, giving information as to the level of debt at that time.
 Mortgage and Realty Trust is a self-administered real estate investment trust with common shares traded on the New York Stock Exchange under the symbol "MRT."
 /delval/
 -0- 12/16/91
 /CONTACT: C.W. Strong Jr., president of Mortgage and Realty Trust, 818-953-7700/
 (MRT) CO: Mortgage and Realty Trust ST: Pennsylvania IN: FIN SU:


LJ-KA -- PH021 -- 2632 12/16/91 16:01 EST
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Publication:PR Newswire
Date:Dec 16, 1991
Words:213
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