Prime Group Realty Trust, Chicago, said it is in the process of considering various financing and other capitalization and strategic alternatives for the company.
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Prime's board acted based on the company's capital resources and liquidity needs and the overall negative state of the economy and capital markets.
The company also will not pay a quarterly distribution on its Series B Preferred Shares for the second quarter of 2010.
Prime is now six consecutive quarterly dividends for the Series B Preferred Shares in arrears. According to its articles of trust, if this became the case, its board needs to be increased by two people and those people are to be elected by the Series B Preferred shareholders.
This process is expected to begin in August.
