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Distressed Asset Team
The Distressed Asset Team leverages the firm’s expertise in structured finance and securitization, distressed debt trading, bankruptcy, real estate, financial services, corporate, public finance, tax and ERISA matters to help clients successfully execute transactions and capitalize on opportunities related to the ongoing credit crisis. We advise parties on transactions involving:
- Opportunity fund investments in distressed residential mortgage-backed/asset-backed securities (RMBS/ABS) or whole loans by hedge funds, private equity funds or other entities.
- Restructuring of collateralized debt obligations (CDOs) and collateralized loan obligations (CLOs) and liquidating warehouse arrangements; issuance and underwriting of resecuritization (Re-REMIC) bonds; and development of loss mitigation strategies for institutions experiencing RMBS and CDO write-downs.
- Foreclosures; acquisitions (including taking deeds) in lieu of foreclosure; workouts, modifications and restructurings of commercial mortgage loans; sales and acquisitions of defaulted and near-defaulted commercial loans and loan pools; state court-contested receiverships of distressed real estate; and negotiation and enforcement of rights of subordination in tranched and securitized debt.
- Restructurings of tax-exempt auction rate securities and related interest rate swaps in connection with failed auctions and downgrades of monoline insurers.
- Purchase and sale of bank loans to domestic and international companies experiencing financial distress; acquisition of trade claims against chapter 7 and 11 debtors arising from defaulted trade receivables; and negotiation of accounts receivable put programs.
- Acquisition, holding and sale of subprime securities by employee benefit plans subject to ERISA requirements.
- Turnaround and failed loan situations, including pre-bankruptcy consensual debt restructurings, workouts of troubled loans, bankruptcy reorganizations, liquidations, receiverships and assignments for the benefit of creditors.
- Debtor-in-possession and plan financings and acquisitions of troubled companies or their assets.
Professionals
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New York
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New York
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Washington, D.C.
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Chicago
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New York
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Los Angeles
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New York
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Chicago
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Chicago
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Charlotte
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Managing Partner – Charlotte
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Chicago
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London
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Chicago
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Washington, D.C.
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New York
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Chicago
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New York
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New York
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Chicago
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Los Angeles
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Managing Partner – Los Angeles
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January 13, 2009
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Winter 2008
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December 2, 2008
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December 1, 2008
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August 14, 2008
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Represented manager of hedge fund in connection with formation of opportunity fund to invest in distressed residential mortgage-backed securities (RMBS).
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Represented investment bank in multiple issuances and private placements of resecuritization (Re-REMIC) securities backed by distressed underlying RMBS.
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Represented CDO and CLO investors in due diligence reviews of issuer documentation
and collateral acquisitions; counseled investors and collateral managers in restructurings of CDO and CLO transactions; and represented sponsors and issuers in liquidations of warehouse financing arrangements.
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Represent U.S. manufacturing company as issuer of notes in trade receivable securitization with respect to significant restructuring of facility in connection with changing market conditions.
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Represent hedge funds and investment banks in (i) purchase and sale of distressed bank loans to domestic and international
companies; (ii) acquisition of trade claims against chapter 7 and 11 debtors arising from defaulted trade receivables; and (iii) negotiation of accounts receivable put programs.
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Represented hedge funds engaged in financing transactions, including loan origination, investments
in funds engaged in financing transactions, and structuring incubation arrangements with investment managers in this space.
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Represent borrowers, issuers, credit enhancers, underwriters and derivative counterparties in
multiple restructurings of tax-exempt auction rate securities in connection with failed auctions and downgrades of monoline insurers.
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Represent numerous lenders in deed in lieu of foreclosure of commercial real estate transactions throughout the country.
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Represent a mezzanine lender in implementing a strategy to deal with the holder of a senior mortgage
on a property in Connecticut, as well as preparing for a possible UCC foreclosure sale on pledged membership interests and a suit on a guaranty.
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Represent the acquirer of a major position in a tranched loan from Bear Stearns, as agent, including renegotiation of intercreditor agreements and clarifying obligations of the Federal Reserve with respect to representations and duties of the agent.
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Represent an investor in the recapitalization of an owner, including negotiations of preferred return, controls and cramdown rights.
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Represented sellers and buyers in sales and acquisitions of defaulted and near-defaulted mortgage loans and loan portfolios.
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Represented aircraft financing parties in connection with most of the airline reorganizations during the last decade.
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Advise plan fiduciaries on due diligence with investment managers and investment funds
to determine whether plan is exposed to inappropriate assets.
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