Exantas Capital Corp. Provides Update on Status of Financing Arrangements as of March 25, 2020
EXANTAS CAPITAL CORP (XAN)
Last exantas capital corp earnings: 10/30 06:08 pm
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Source: PR Newswire
NEW YORK, March 25, 2020 /PRNewswire/ -- Exantas Capital Corp. (NYSE:XAN) (the "Company") announced today that, due to the turmoil in the financial markets resulting from the global pandemic of the COVID-19 virus, the Company and its subsidiaries have received margin calls from CMBS repo financing counterparties. As of the close of business on March 23, 2020, the Company did not meet all of its margin calls. The Company has requested that its CMBS repo financing counterparties forbear from exercising rights under the applicable agreements to allow the Company to evaluate its options for responding to the current situation. On March 24, 2020, the Company received written notices from certain affiliates of Royal Bank of Canada ("RBC") alleging that events of default had occurred with respect to various financing agreements. The Company disputes RBC's notices of events of default and intends to vigorously assert its rights and defenses against any wrongful conduct by its CMBS repo finan
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