Thornburg Mortgage Inc., Santa Fe, N.M., has announced its plans to seek Chapter 11 bankruptcy protection and cease operations.
The company, which specialized in jumbo mortgages, named JPMorgan Chase Funding Inc., Citigroup Global Markets Ltd., Credit Suisse Securities (USA) LLC, Credit Suisse International, Greenwich Capital Markets Inc., Greenwich Capital Derivatives Inc., the Royal Bank of Scotland and UBS AG as its creditors. Thornburg plans to transfer its mortgage servicing rights to these creditors and sell off its remaining assets.
The company also announced it would work with Houlihan Lokey Howard & Zukin Capital Inc. to sell or liquidate its remaining assets. When those transactions are completed, the company will discontinue operations.
SOURCE: Thornburg Mortgage