Bankruptcy, Workouts and Restructuring Representative Transactions

 

Some of our recent representative experience includes:

 

• Representing one of the country's largest insurance financial institutions in the bulk sale of REO consisting of eight foreclosed hotels.
• Representing an active nationwide multifamily lender in connection with foreclosures and the disposition of REO on a nationwide basis.
• Representing one of the country's largest financial institutions in connection with the sale of REO located across the country.
• Representing a state retirement system, through its investment advisor, in the workout and restructuring of the ground lease and leasehold mortgage financing of 11 suburban office buildings in three southern states. This was followed by a deed-in-lieu transaction whereby title to all of the properties was acquired.
• Serving as secured lender’s counsel in numerous single-asset foreclosures, receiverships, and bankruptcy and adversary proceedings in numerous jurisdictions, including Maryland, New York, Georgia, Delaware, District of Columbia, Texas and Virginia.
• Representing a bank and its participants in the workout and restructure of a series of subordinate mortgage loans aggregating nearly $200 million covering a Park Avenue, New York, office building. The owning partnership was a debtor in its parent company’s bankruptcy. As part of the bankruptcy plan, the bank’s mortgage loans were paid down and significantly restructured. The restructuring included cash management agreements and intercreditor arrangements with the senior lender.
• Serving on the Unsecured Creditors Committee and post-bankruptcy Oversight Committee (with respect to liquidation of real estate and insurance interests) in one of the largest administratively consolidated Chapter 11 cases ever filed by an individual.
• Representing lending clients in negotiating deeds-in-lieu of foreclosure as well as pursuing foreclosures for properties in states throughout the United States.
• Representing a foreign bank in the workout of loans for several lower Manhattan (Soho), New York, retail properties, which eventually included the owner transferring the properties to a venture with new investors, where affiliates of the owner/investor purchased the bank’s loans with a participation in future profits being given to the bank.
• Representing a major pension fund in connection with evaluating  impact of Lehman Brothers Holdings Inc. (LBHI) bankruptcy proceedings upon a major loan sponsor/borrower partially owned by LBHI and an obligor under a construction loan facility exceeding $100 million.
• Representing a leading commercial mortgage-backed security (CMBS) special servicer in the foreclosure of a $2.5 million retail loan for an unanchored shopping center.
• Representing a large investment partnership in the commitment to provide convertible debenture financing to a Georgia commercial bank that will dispose of $50 million in bad loans and REO.
• Representing a national bank in the foreclosure of a $3.5 million loan secured by a shopping center in LaGrange, Georgia, and subsequent advice with respect to management, leasing, repositioning and ultimate REO disposition.
• Representing a national bank in the workout and foreclosure of residential lots securing approximately $50 million in builder lines of credit with collateral located in Arizona, Georgia, North Carolina and Texas.
• Representing one of the leading CMBS special servicers in the proposed foreclosure of a $4.6 million multifamily loan. Following initiation of foreclosure, the borrower entered into a forbearance agreement and brought the loan current.