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SALE OF MBO ASSETS TO MERRILL LYNCH CONSUMMATED

 NEW YORK, Sept. 3 /PRNewswire/ -- Mutual Benefit Overseas, Inc. ("MBO"), a debtor-in-possession, and the Official Creditors' Committee of MBO, jointly announced today that MBO has consummated the previously announced sale of a pool of performing mortgage loans to Merrill Lynch Mortgage Capital Inc. Merrill Lynch purchased approximately $270 million aggregate principal amount of mortgage loans for a purchase price in excess of 95.00 percent of the face amount thereof; however, the Mortgage Loan Purchase Agreement provides that under certain circumstances, MBO will be required to repurchase from Merrill Lynch certain of the loans sold today.
 MBO, a former subsidiary of Mutual Benefit Life Insurance Co., has been operating as a debtor-in-possession under Chapter 11 of the Bankruptcy Code since January 1993.
 -0- 9/3/93
 /CONTACT: Kevin Haggarty, CEO of Mutual Benefit Overseas, Inc., 212-974-2202/
 (MER)


CO: Mutual Benefit Overseas, Inc.; Merrill Lynch Mortgage Capital Inc. ST: New York IN: FIN SU: TNM

LG-SH -- NY030 -- 8874 09/03/93 14:00 EDT
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Publication:PR Newswire
Date:Sep 3, 1993
Words:163
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