By the company's own admission, this may be the last time Thornburg Mortgage Inc. wins a reprieve from its creditors.

The beleaguered Santa Fe, N.M., jumbo lender and real estate investment trust said Tuesday that it may file for bankruptcy protection if it cannot restructure roughly $4 billion of financing by March 31. Though the deadline to replace the facility expired Friday, Thornburg's five lenders agreed to give it two more weeks.

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