USA Commercial Files for Ch. 11

USA Commercial Mortgage Co., Las Vegas, and certain affiliates have announced a filing for reorganization under Chapter 11 of the U.S. Bankruptcy Code and the naming of a new chief executive officer.The company also announced that it is in discussions with leading financial institutions to provide debtor-in-possession financing and is seeking a $100 million credit facility to fund operations and new loan-funding capacity. The new CEO, Thomas J. Allison, is executive vice president of Mesirow Financial Interim Management, which the company has retained to assist in reorganizing its operations and obtaining the DIP financing. The affiliates involved in the Chapter 11 filing are USA Capital Realty Advisors LLC, USA Securities LLC, USA Capital First Trust Deed Fund LLC, and USA Capital Diversified Trust Deed Fund. USA Commercial Mortgage Co., d/b/a USA Capital, can be found online at http://www.usacapitalcorp.com.