Restructuring Advisory

Clients in distressed circumstances rely on our real estate restructuring professionals’ hands-on operational and financial expertise. We work closely with management, our clients’ legal advisors and related advisory professionals to address the breadth of issues involved in the restructuring of real estate companies, portfolios and assets. We help to create and support an environment of improved trust and communication, within which a comprehensive solution can be crafted, enabling management to enhance and protect stakeholder value.

Services Include:

• Business plan preparation and analysis
• Liquidity management and preparation of short-term financial projections
• Analysis and implementation of refinancing alternatives and capital solutions
• Contingency planning and analytical support for in-and out-of-court proceedings
• Identification of key tax issues and opportunities
• Marketing, management, and administration of §363 asset sales, including bid procedures, bid solicitation, marketing materials, negotiation with bidders, closing support
• Expert testimony, including support of plan assumptions and feasibility, use of cash collateral, §363 asset dispositions, and valuation
• Bankruptcy administration and reporting including pre-filing planning, preparation of schedule of assets and liabilities and statements of financial affairs, monthly reporting, claims reconciliation, support for plan of reorganization

Organizations driving change, or in crisis, transition, or other difficult situations, often need interim management services that can restore credibility to the unstable organization while preserving, protecting, and enhancing enterprise value for stakeholders. In transitions, restructurings, and turnarounds, our functional and industry management experience helps provide stability, maintain momentum, preserve and enhance value, and support recovery and renewal. Our clients rely on our interim executives’ skilled, experienced leadership, turnaround and restructuring skills to capitalize on opportunities, contend with C-level turnover and drive strategic solutions.

Lenders to and creditors of distressed real estate companies and assets often need external support and counsel to resolve their issues. No matter the circumstances or which parties are involved, you need a trusted, experienced partner that understands the situation. Our goal is to maximize creditor recoveries. We leverage our extensive expertise and decades of industry experience to provide critical analysis and viable strategic alternatives to deliver the optimal outcomes for our clients.

Secured Lender | Special Servicer: Secured lenders lean on our team’s broad range of hands-on strategic and technical skills. Our reputation for excellence, in-depth analytics and pragmatism all are critically important to winning acceptance of our recommendations and opinions. Regardless of the ultimate resolution, we provide you with reasoned and documented analyses regarding all viable alternatives, and help you identify and pursue strategies that maximize recovery.

Unsecured Creditors | Committees: Unsecured creditors seek our guidance to analyze and understand detailed, voluminous and often conflicting amounts of data and information, as well as the strengths and weaknesses of counterparties’ negotiating positions. Clients rely on our highly experienced restructuring professionals, who have proven track records of success in complex real estate restructurings.

Buyers and sellers of distressed assets and debt rely on us to help them maximize their return on investment. We also assist owners and lenders to prepare for recapitalization and loan sales to meet regulatory, capital ratio, cash requirements and other objectives.

Buyers

Services Include:

• Due diligence on assets, loan documents, markets, and servicing histories
• Asset summary reviews and valuation
• Cash flow and servicing cost analyses
• Loan resolution/asset management strategies
• Pricing and yield analyses
• Closing statements and buyer’s tax consequences

Sellers

Services Include:

• Risk management and process improvement
• Sell-side due diligence
• “Data tape” compilation and review
• Asset summary reviews and valuation
• Capital markets reconnaissance
• Indicative loan pricing analyses
• Loan pool strategies to maximize investor interest and value
• Transaction management and negotiation
• Closing statements

Real estate stakeholders need professionals who understand the technical issues and challenges that arise when the services of a fiduciary are required. Our professionals have served as court-appointed trustees and examiners (and as their advisors) in Chapters 7 and 11 bankruptcies and as equity and property receivers in state and federal court matters. They are respected for their integrity and balanced, pragmatic approach to resolving issues and maximizing recovery for the estate.

Our approach may include:

• Stabilizing operations, implementing cash control measures, and coordinating and facilitating claims processing and reconciliation
• Developing reorganization or liquidation plans and, when appropriate, managing the asset disposition process
• Convening constituents at the negotiating table and driving consensus towards resolutions
• Providing asset recovery services — including pursuit of avoidance actions, forensic accounting, and investigation services — to maximize return for stakeholders