Ultimate Corp will be taking an $11m charge against its figures to write down the value of its headquarters complex in East Hanover, New Jersey: the company had to take the hit because it has restructured its debt with Chase Manhattan Corp’s Chase Manhattan Bank, in part by transferring its property and buildings here to Chase free and clear; the deal cuts Ultimate’s debt to Chase to $5m from $17.5m, and the charge will bring the book value of the property to its current fair market value of $11.7m; Chase also receives 400,000 restricted shares of Ultimate common.
