RMR Group Subsidiary Enters New Management Deal Amid OPI Bankruptcy Restructuring

Reuters11-01
RMR Group Subsidiary Enters New Management Deal Amid OPI Bankruptcy Restructuring

The RMR Group Inc.'s majority-owned subsidiary, The RMR Group LLC, has entered into a Restructuring Support Agreement (RSA) with Office Properties Income Trust $(OPI)$, certain of OPI's lenders, and subsidiaries, in connection with OPI's voluntary Chapter 11 cases in the United States Bankruptcy Court for the Southern District of Texas. Under the RSA, RMR LLC will implement new five-year business and property management agreements with OPI, featuring an annual business management fee of $14 million for the first two years, a 3% property management fee, and a 5% construction supervision fee. Upon the effectiveness of OPI's plan of reorganization, OPI's total debt is expected to be reduced from approximately $2.4 billion to $1.3 billion.

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