Question-and-Answer Session
Operator
(Operator Instructions) Your first question comes from Erin Aslakson – Stifel Nicolaus
Erin Aslakson – Stifel Nicolaus
I wanted to ask if you could provide a little bit more detail regarding Maguire’s current liquidity position, its cash burn rate, and highlight those items and any covenant issues you are currently facing helpful. Thank you.
Nelson Rising
I want to have Shant answer the question about our current and projected liquidity. I would say this is an introduction to that response. The efforts that we have made over the course of the last year have put us in a position where we are comfortable with our liquidity as we look forward for the next 12 months. Shant want to you get some color to that.
Shant Koumriqian
Our cash position as of June 30 unrestricted cash is $64 million our restricted cash is approximately $160 million. If you compare cash on a combined basis to where we were last quarter you will notice that our total cash restricted and unrestricted decrease by $44 million. That includes $11 million included in assets held for sale which is 3161 that was restricted cash associated with 3161.
If you look at the $44 million decrease, the main reasons for the decrease are a number of transactions that occurred during the quarter. The larger ones are 3161, to close that, the sale of that asset we had to contribute approximately $12 million of cash more than half of that came from restricted cash that was held by the lender that would not have been released for years.
$10million was utilized to make an annual bullet payment under our Griffin Tower repurchase facility and $6 million was used to break the Lantana swap in Nelson referred to broke it swap for about $11.3 million half of that was paid prior to quarter end, the remaining payment was paid after quarter end. In addition we had about $3 million of principle amortization that we paid during the quarter some of which is gone away with asset sales.
City Parkway and asset that Nelson referred to you that we saw during the quarter we had to contribute just under $2 million to dispose of that asset, but in return we were, we extinguished a mass release obligation that could have cost up to $12 million at some point in the future and it would have started at some point in the future looking at the economics of that asset.
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