Thornburg Mortgage Inc.’s five largest creditors have agreed to give the "super jumbo" lender a one-year reprieve from margin calls if it can raise nearly $1 billion in seven business days.
Thornburg is offering 12 percent interest to anybody willing to buy notes that will mature on April 1, 2015. The notes would be convertible into common stock at 75 percents per share, the lender said in a regulatory filing. more…