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Bankruptcy court approves RAIT Financial Trust asset sale

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Bankruptcy court approves RAIT Financial Trust asset sale

The U.S. Bankruptcy Court for the District of Delaware on Dec. 6 approved RAIT Financial Trust's sale of certain subsidiaries and assets to an entity owned by funds managed by Fortress Investment Group LLC affiliates.

RAIT Financial Trust filed for Chapter 11 bankruptcy relief in August and entered into a stalking horse purchase agreement with a Fortress Investment Group affiliate.