Office Properties Income Trust Enters into Restructuring Support Agreement with Noteholders to Reduce Debt and Strengthen Balance Sheet
Office Properties Income Trust (NYSE: OPI) has entered a Restructuring Support Agreement with holders of its September 2029 senior secured notes and filed voluntary Chapter 11 cases in the U.S. Bankruptcy Court for the Southern District of Texas to implement the RSA.The RSA contemplates the equitization of approximately $1 billion of existing notes, a commitment for $125 million debtor-in-possession (DIP) financing, and a new five-year management arrangement with RMR. Operations, leasing and management are expected to continue without interruption during the court-supervised process.
