Nexia Holdings Inc. said Tuesday that it has restructured its holdings in certain subsidiaries and sold its interest in Wichita Development Corp. to Diversified Financial Resources Corp.

Nexia and DFRC are Salt Lake City-based.

The transaction, valued at $2.65 million, consists of the elimination of approximately $1.5 million in debt from the consolidated balance sheet of Nexia, a $150,000 note and 1 million shares of DFRC stock with a guaranteed liquidation value of at least $1 million over a two-year period of 24 months.

Nexia said the sale was an effort to reduce negative cash flow and further improve the company's financial condition.

WHDV's real estate holdings consisted of two office buildings and a building with 18 residential apartments and a ground-floor retail space. One is an office building at 268 W. 400 South.