On June 4, the tenant began a pre-arranged court-supervised process under Chapter 11 of the United States Bankruptcy Code in the US Bankruptcy Court for the District of New Jersey.

The tenant is the REIT’s third-largest tenant, contributing about 3.2% of the REIT’s monthly gross rental income (GRI) as at March 31. Upon the REIT’s completion of the acquisition of the newly built data centre in Osaka, Japan, the tenant would be MINT’s fourth-largest tenant, accounting for 3.0% of the REIT’s enlarged portfolio by GRI.

A global colocation provider, the tenant currently occupies space in eight data centres located across North America. Of the eight, seven of them are held under the Mapletree Rosewood Data Centre Trust, a 50:50 joint venture (JV) with Mapletree Investments Pte Ltd.

According to MINT, the tenant has met its full rental obligations for the month of April and has partly fulfilled its rental obligations for the month of May. The REIT is pursuing the balance of the outstanding rental payments for the latter.

As at March 31, MINT has over 2,300 tenants across its 141 properties in North America and Singapore.

<span class='see_also_inread'><b>See also: <a class='gtm_see_also_1_inread' style='text-decoration: underline;' href='https://www.theedgesingapore.com/news/company-news/digital-core-reits-second-largest-customer-cyxtera-files-bankruptcy?utm_source=website&utm_medium=article&utm_campaign=ONPAGESEO'>Digital Core REIT's second-largest customer Cyxtera files for bankruptcy</a></b></span>

As at 9.49am, units in MINT are trading 1 cent higher or 0.45% up at $2.23. These include the 92.59 million new units that were issued at 9am today with an issue price of $2.12.

MINT's third-largest tenant initiates bankruptcy proceedings

VTAC proposes business combination with live streaming platform 17LIVE

Data is the new oil but is it as dirty?

'Transition credits' could sweeten deal for early retirement of coal-fired power plants: MAS, McKinsey paper

DPM Lawrence Wong appointed as GIC’s deputy chairman

Will the Rising Sun keep rising?

Trade Stocks, ETFs, Forex and Futures with Phillip Nova:

Citi ups TP while DBS keeps 'buy' call on Singtel following long-awaited divestment of loss-making Trustwave

DBS keeps 'buy' call on ESR-LOGOS REIT following sale of Tuas property at above valuation

CGS-CIMB keeps 'add' call and $8.97 on CDL following accretive purchase of Japan assets

MINT's third-largest tenant initiates bankruptcy proceedings

Related News

Highlights

VTAC proposes business combination with live streaming platform 17LIVE

Related News

Mapletree’s group of REITs are a ‘great place to be in’, says DBS

Lower DPU but positive rental reversions for Mapletree Industrial Trust leave analysts mixed

Mapletree Industrial Trust reports DPU of 3.39 cents for 1QFY2024, 2.9% lower y-o-y