WASHINGTON (dpa-AFX) - RAIT Financial Trust (RAS) said that its Board of Trustees has formed a committee of independent members to explore and evaluate strategic as well as financial alternatives to enhance shareholder value and capitalize on RAIT's commercial real estate lending platform.
Such alternatives may include refinements of RAIT's operations or strategy, financial transactions, such as a recapitalization or other change to RAIT's capital structure, and strategic transactions, such as a sale of all or part of RAIT.
Michael Malter, Chairman of the Board and a member of the Special Committee, said, 'After careful consideration, the Board believes now is the appropriate time to explore a broad range of strategic and financial alternatives that may have the potential to further unlock and enhance shareholder value.'
The other members of the Special Committee are Justin Klein, who serves as Chairman of the Special Committee, and Thomas Wren.
RAIT and the Special Committee have retained Barclays and UBS Investment Bank as financial advisors, and Winston & Strawn LLP as legal advisor to assist in the evaluation.
The Special Committee has not set a definitive timetable for completion of its evaluation.
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