Washington Post (09/09/08) P. D2
Luminent Mortgage Capital is the latest firm to file Chapter 11 bankruptcy as a result of the mortgage crisis. An agreement with its secured creditor Arco Capital, WAMU Capital and convertible noteholders requires 41 percent of the stock after reorganization, along with $2.75 million, to be given to specific general unsecured creditors. The company will issue preferred stock to Arco to raise the cash.
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