As expected, Thornburg Mortgage Inc. filed for bankruptcy protection Friday.
The Santa Fe, N.M., jumbo lender and real estate investment trust listed assets of as much as $500 million and debt of over $1 billion in Chapter 11 documents filed in U.S. Bankruptcy Court in Maryland.
Last month Thornburg said it expected to file for bankruptcy protection, ending a fight for survival that began more than a year earlier, when the company was hit with margin calls it could not meet.
According to court documents, Thornburg, along with units in bankruptcy and those that are not, had a total of $24.4 billion in assets and $24.7 billion in debt as of Jan. 31.
The company said it had $19.7 billion of assets and $19.3 billion of debt in securitization trusts of affiliates that have not filed for bankruptcy.
In April, creditors took control of some assets held outside the trusts that were valued at about $4.4 billion.
Thornburg and its 20 largest unsecured creditors are owed about $4.6 billion, court papers show.
Wilmington Trust Co. is the largest, owed about $1.3 billion, as trustee for the holders of 12% senior subordinated notes.