Workouts, Foreclosures, Involuntary Refinances and Bankruptcies.
This area of Croudace & Dietrich LLP's practice involves representation
of both developers and lenders in connection with judicial and nonjudicial
real property foreclosures, personal property foreclosures, unified foreclosure
sales, corporate debt restructuring, restructuring of real property project
financing, development of pre-bankruptcy workout strategies, documentation
and negotiation of deed-in-lieu transactions, partnership buyouts and
workouts, and representation of creditors in bankruptcy proceedings (including
negotiating cash collateral stipulations, obtaining relief from stay,
arranging debtor-in-possession financing and preparing creditors' reorganization
plans). Representative transactions include:
- Representation of secured lender in workout of $75,000,000
of defaulted loans to a partnership borrower.
- Representation of major life insurance company in coordinating
the successful efforts of eight major lenders to settle, by
development of a viable creditors' bankruptcy plan, a Nevada
bankruptcy involving in excess of $26,000,000 of combined secured
- Representation of local lender in restructuring defaulted
accounts receivable line and recovering against the debtor
in a subsequent bankruptcy.
- Negotiation and documentation, on behalf of major institutional
lenders, of forbearance agreements and deed-in-lieu documentation
(including delayed deed-in-lieu documentation) in connection
with defaulted loans ranging from $2,000,000 to $75,000,000.
- Representation of major lender in preparation and negotiation
of sale and leaseback documentation in connection with workouts
of defaulted loans.
- Representation of owners of real property in connection with
bankruptcies filed by tenants.
- Representation of creditors in foreclosure of hotels and
restaurants and related personal property collateral in unified
- Representation of various lenders in connection with numerous
judicial and nonjudicial real property and personal property
- Representation of unsecured creditor in connection with bankruptcies
filed by major airlines.