Office-Space REIT Files Bankruptcy, Gets Funding From Creditors

Office Properties Income Trust, a real estate investment trust that focuses on owning and leasing office properties, has filed for bankruptcy ahead of $280 million in principal payments next year.

The Newton-based company filed Chapter 11 in Texas, according to a Thursday statement. OPI has entered into a deal with a group of noteholders. The restructuring support agreement calls for holders to exchange around $1 billion of notes into equity of the reorganized company.

The company has received $125 million in new money debtor-in-possession financing from the group, which will fund the bankruptcy procedure and support the business.

OPI, ...