UPDATE 1-Gleacher delays filing of annual report
* Delay due to defaults by residential mortgage lending unit
* To file report no later than 15 days following due date
March 16 (Reuters) - Gleacher & Co said it will delay filing its annual report citing defaults by the investment bank's residential mortgage lending unit, under the unit's short-term, secured mortgage warehouse lines of credit.
Gleacher's unit ClearPoint Funding Inc has experienced liquidity concerns in recent months resulting from expansion of its business, and a slow-down in loan purchases by one of its principal loan purchasers, the company said in a filing with the U.S. Securities & Exchange Commission.
"We have completed discussions with ClearPoint's three warehouse line lenders, and on March 15, 2012 ClearPoint obtained waivers covering all such defaults," Gleacher said.
Earlier this month, New York-based Gleacher said that it entered separate limited guaranties relating to contractual obligations of ClearPoint.
The company now intends to file its Form 10-K no later than 15 days following the due date, the filing said.
Shares of Gleacher closed at $1.32 on Thursday on the Nasdaq.
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