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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 debt. 
  • 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 sales. 
  • Representation of various lenders in connection with numerous judicial and nonjudicial real property and personal property foreclosures. 
  • Representation of unsecured creditor in connection with bankruptcies filed by major airlines.

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