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Franklin Credit Management Corp. said in a Form 8-K filed Jan. 4 that its indebtedness to Huntington Bancshares Inc. subsidiary Huntington National Bank was reduced by $300 million.
Franklin Credit paid a fee to Huntington of $12 million in connection with the restructuring of approximately $1.5 billion in outstanding indebtedness to the bank. The debt, which includes $1.0 billion in outstanding indebtedness of Franklin Credit and $491 million in outstanding indebtedness of Tribeca Lending Corp., was restructured into six term loans with modified terms and a maturity date of May 15, 2009.
Franklin Credit CFO...