UPDATE 1-Luminent says has no CP liabilities outstanding
(Adds background, dateline)
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)
((Editing by Richard Chang; Reuters Messaging: dan.wilchins.reuters.com@reuters.net; +1 646 223 6320)) Keywords: LUMINENTMORTGAGE CREDITFACILITY/
(C) Reuters 2007. All rights reserved. Republication or redistribution ofReuters content, including by caching, framing or similar means, is expresslyprohibited without the prior written consent of Reuters. Reuters and the Reuterssphere logo are registered trademarks and trademarks of the Reuters group ofcompanies around the world.nN01343447
