August 23, 2016
Office and retail-property owner New York REIT Inc. announced it would undergo liquidation and dissolution. The real estate investment trust plans to sell its assets, most of which are in New York, and return proceeds to shareholders, before paying off debt, then delisting from the New York Stock Exchange.
The company will amend its credit facility to adopt to the liquidation plan, and is reaching out to potential buyers for assets. The REIT is also willing to entertain higher offers. Said president and CEO of NYRT Michael Happel: “We believe that moving forward with a Plan of Liquidation and selling our assets in an orderly manner will maximize value for our stockholders, while also preserving the flexibility to pursue a sale of the Company should a compelling offer that delivers superior value be made.”
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