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DISTRESSED DEBT & REAL ESTATE WORKOUTS

Collaborative and effective strategies to protect your rights and collateral. Pinpoint focus on maximization of the recovery of assets.

Our approach

Debt landscape changed dramatically over the last five years with a substantial number of defaults, workouts, maturities and restructuring necessitated by economic volatility and lack of liquidity in the commercial real estate market. This condition has moderated only modestly and lenders cannot afford to adjust to and incorporate strategies to minimize exposure.

We provide lenders, servicers and other financial institutions effective strategies from the lessons learned to protect their rights and maximize the recovery of their assets. In 2012, we handled no less than $1.25 billion in restructurings and workouts.

Workouts and restructurings

Our team represents clients in workouts and restructurings across the full spectrum of asset classes. We advise on every aspect of loan restructurings, work-outs and assist in structuring all segments of the leveraged finance capital structure.

We also specialize in providing legal advice in connection with master servicing and special servicing.

Securitization

With strong capital markets experience, we help our clients navigate securitizations. Our attorneys perform analysis of Pooling and Servicing Agreements for securitized transactions and identifying the rights of the various creditors and participants.

Bankruptcy

We advise clients on complicated bankruptcy proceedings and bankruptcy-related financings, including significant debtor-in-possession and exit financings. We also help negotiate reorganization plans and identify and resolve inter-creditor issues.

Dispositions

We represent and advise purchasers and sellers in all types of capital markets’ debt, including the purchase and sale of secured or REO property, existing commercial permanent and construction loans. These transactions are in appropriate structures including as single assets, in pools or in securitized transactions.

We also manage bulk mortgage assignments and develop and implement compliance programs.

Litigation

We are an industry leader in distressed commercial debt litigation, including aspects such as judicial foreclosure, springing recourse guaranty, receivership and lender liability matters. We have broad experience in seeking federal receivers on behalf of secured creditors throughout the country. Of note, we successfully obtained New England’s first federal receivership for defaulted CMBS debt.

Who we work with

  • Our team regularly represents financial institutions, mortgage bankers, insurance companies, federal agencies, master and special servicers in connection with workouts, restructurings, foreclosures, participations and sales of whole loans.
  • We also have worked with clients in the purchase and sale of loan pools, both with and without servicing.
  • We have also represented trustees, primary servicers, master servicers and special servicers in connection with the substitution of assets, rating agency criteria, guidelines and approval process for secondary market matters.

Recent experience

  • For a federal agency, we managed and negotiated the liquidation of loans in transactions involving single family, multifamily and commercial mortgage pools with the principal amount outstanding in excess of $10 billion.
Distressed Debt & Real Estate Workouts