Thornburg Mortgage, which averted bankruptcy nearly a year ago, is once again racing against the clock to raise financing.

The Santa Fe, N.M., lender and real estate investment trust has until March 13 to replace a $4 billion facility it has with five lenders. If the company fails to do so, "everything would be liquidated and we'd be gone," Larry Goldstone, the president and chief executive officer, said in an interview last week.

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