MILA trustee looks to extend $12 million revolving note maturity date to Feb. 29

By Caroline Salls

Pittsburgh, Dec. 7 - MILA, Inc. Chapter 11 trustee Geoffrey Groshong is seeking a four-month extension of the maturity date on a $12 million revolving note from Columbia State Bank, according to a Thursday filing with the U.S. Bankruptcy Court for the Western District of Washington.

Groshong wants to extend the note maturity to Feb. 29 from Nov. 1.

According to the motion, the note is no longer revolving and Groshong and Columbia State Bank have agreed that no further advances will be made under the loan.

MILA said the proposed extension would preclude interest from accruing on the note at a higher default interest rate, and it would keep Columbia from having a non-performing loan on its books.

MILA, formerly a Mountlake Terrace, Wash., wholesale residential mortgage lender, filed for bankruptcy on July 2. It does business as Mortgage Investment Lending Associates. Its Chapter 11 case number is 07-10359.

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