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UPDATE 1-Luminent says has no CP liabilities outstanding

Mon Oct 1, 2007 6:53pm EDT

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Mergers & Acquisitions  |  Bonds

NEW YORK, Oct 1 (Reuters) - Luminent Mortgage Capital Inc LUM.N said on Monday it has sold assets, paid down many of its debts, and named four new board members as it works to stabilize its business.

The real estate investment trust said in August it would sell a majority stake in itself to Arco Capital Corp, a San Juan, Puerto Rico-based holding company.

That deal moved forward on Monday, as Luminent sold assets financed by its asset-backed commercial program, repaid warehouse lines of credit, entered into a credit agreement with Arco Capital Corp providing up to $60 million of credit, and took other measures.

Luminent also said it plans to close its San Francisco office by Dec 31.

(Reporting by Dan Wilchins, additional reporting by Sweta Singh in Bangalore)

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