Real Estate Bankruptcies: Single Asset Real Estate Rules and Lessons From General Growth
Navigating Unique Issues for Defaulting Commercial Real Estate Companies
Recording of a 90-minute CLE webinar/teleconference with Q&A
Conducted on Tuesday, April 27, 2010
Recorded event now available
This CLE webinar will provide bankruptcy strategies for defaulting commercial real estate companies and their lenders. The panel will focus on the lessons learned from In re General Growth Properties and the impact of the BAPCPA amendments on single asset real estate rules.
Description
Commercial real estate companies face declining real estate values, increasing vacancy rates, and a frozen credit market that makes refinancing difficult. Deutsche Bank estimates that $1.97 trillion in commercial loans will mature between now and 2018, and many will be unable to refinance.
The General Growth Properties bankruptcy has highlighted many problems facing real estate companies. The industry is closely watching GGP's plans to modify its securitized loans, and the bankruptcy rulings in this case are instructive for future real estate bankruptcies.
Chapter 11 may not be a viable option for many real estate companies since BAPCPA removed the $4 million secured debt ceiling for single asset real estate (SARE) companies. The SARE rules are more restrictive and limit a debtor’s ability to reorganize or buy time to avoid foreclosure.
Listen as our authoritative panel of legal specialists provides bankruptcy strategies for commercial real estate debtors and lenders, discusses the impact of the GGP rulings and its reorganization plans on real estate bankruptcies, and analyzes the more restrictive rules for single asset real estate entities.
Outline
- Developments in In Re General Growth Properties
- Special purpose entities and bankruptcy remoteness
- Substantive consolidation
- GGPs reorganization plan
- Real estate bankruptcy issues
- Cash collateral and DIP financing
- Leases and other executory contracts
- Recourse guaranties
- Asset sales
- Plan confirmation issues
- Cramdown concerns
- Single asset real estate (SARE) cases
- BAPCPA amendments to SARE rules
- Automatic stay
- Interest payments under section 362
- Plan confirmation issues
- Cramdown hurdles
Benefits
The panel will review these and other key questions:
- What factors determine whether the debtor's reorganization plan is feasible—and what steps can a lender take in response to a cramdown plan?
- How can recourse guarantees in commercial loan documents deter bankruptcy filings?
- How has the court in the General Growth Properties case addressed substantive consolidation of the special purpose entities?
- Has the status of special purpose entities as "bankruptcy remote" been jeopardized by the rulings in the General Growth Properties case?
- What hurdles do the SARE rules impose for real estate debtors and how do they impact the viability of Chapter 11 as a restructuring strategy?
Faculty
Arthur J. Steinberg,
Partner
King & Spalding, New York
He is a senior financial restructuring partner with 30 years of experience representing examiners, trustees, corporate monitors, debtors, creditors’ committees, secured and unsecured creditors groups/individuals, distressed investors and asset buyers, and other parties in bankruptcy related litigation.
Jason B. Binford,
Attorney
Haynes & Boone, Dallas
He is a member of the Firm’s Bankruptcy and Business Restructuring Practice Group and is a frequent author and speaker on a variety of bankruptcy issues.
Scott Davidson,
Counsel
King & Spalding, New York
He has substantial experience in all aspects of Chapter 11 work and has appeared in both large and small bankruptcy cases. He represented the Examiner for Enron North America and Coudert Brothers. He represented debtors in the Chapter 11 case of a major retail department store and the futures representative for asbestos health claimants in the Owens Corning and USG Corporation Chapter 11 cases.
Ordering
Online CLE - Audio Recording
Includes audio streaming of full program plus handouts (available 24 hours after live seminar).
CLE:
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Online CLE Audio $297.00
Available 24 hours after the live event
Recorded Event
Includes full event recording plus handouts (available after live seminar).
CLE: Pre-approved for self-study credit in: AK, AZ, CA, CT, GA, HI, MO, MT, NY, TX, VT, WA, WV. Upon request, self-study credit is also available in: CO, FL, ID, KY, ME, ND, NE, NH, NM, NV, OR, UT, WI, WY. If you are applying for self-study credit in one of these states, contact Strafford CLE at 1-800-926-7926 ext. 35 or CLE@straffordpub.com.
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Available three business days after the live event
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plus $9.45 S&H
Available ten business days after the live event
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Available 24 hours after the live event
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plus $9.45 S&H
Available ten business days after the live event
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Program Materials
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Program Materials
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CLE Credit
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Customer Reviews
The program provided good legal references, good bullet points and good scope.
Tim Thomas
Kolesar & Leatham
I liked the combined depth of information and speed of presentation. Well done!
Andre Dalbec
SAANYS
Cutting edge information from people who are in the field.
John McGowan
Donahue Tucker & Ciandella
All of the speakers were very informative, and being able to ask questions was very helpful.
Larry V. Smith
Jackson Walker
I found the content very useful and was impressed by the high quality of each speaker's ability to articulate his presentation.
Andrew Lillie
Hogan & Hartson
Bankruptcy Law Advisory Board
Partner
Nixon Peabody
Partner
Potter Anderson & Corroon
Of Counsel
Haynes & Boone
Shareholder
Greenberg Traurig
Partner
Dechert
Shareholder
Vedder Price
Partner
Nixon Peabody
Partner
Kaye Scholer
Counsel
Skadden Arps Slate Meagher & Flom
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