Centerline Holding Co., a New York-based alternative asset manager with a focus on real estate funds, said it has reduced its workforce by about 20%.

"A significant part of the company's restructuring includes shifting resources to enhance its special servicing and asset management functions," the company said.

The company has been struggling to manage debt load and recently saw Moody's Investors Service downgrade its corporate family rating to 'B2' from 'B1' as a result of a payment deferment.

Centerline said it is in "active negotiations" with its lenders to implement a debt-financing package that will stabilize its finances.

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