RAIT Financial Trust has filed for chapter 11 bankruptcy and said it plans to sell its assets to a buyer affiliated with Fortress Investment Group LLC for $174.4 million, the Wall Street Journal reported. The Philadelphia-based real-estate investment trust, which manages commercial real-estate loans and properties, sought protection from creditors on Friday in U.S. Bankruptcy Court in Wilmington, Del. The chapter 11 filing comes less than two weeks after RAIT was told that it had defaulted on bonds due in 2019 and 2024, according to a Securities and Exchange Commission filing. Those bonds have combined principal outstanding of about $120 million, the filing said. The company’s bankruptcy petition lists both assets and liabilities ranging from $100 million to $500 million.
