TPG-Austin files motion with court to get Lehman to fund $100 million revolver

By Sara Rosenberg

New York, Nov. 17 -TPG-Austin Portfolio Holdings LLC has filed a motion with the U.S. Bankruptcy Court for the Southern District of New York asking that Lehman Brothers be compelled to fund the company's $100 million revolving credit facility in full, according to a news release.

In the alternative, the company is asking for authority to seek other financing secured by liens superior to the existing liens in favor of Lehman.

TPG-Austin owns a portfolio of 10 properties totaling 3.5 million square feet in Austin, Texas. Thomas Properties Group Inc., a Los Angeles-based real estate company, holds a 6.25% interest in the company. An affiliate of Lehman currently owns 50% of the equity in the Austin portfolio.

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