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 with Q&A
This CLE course 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.
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
He is a senior financial restructuring partner with 30 years of experience representing examiners, trustees, corporate... | Read More
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.
CloseJason B. Binford
Attorney
Haynes & Boone
He is a member of the Firm’s Bankruptcy and Business Restructuring Practice Group and is a frequent author and... | Read More
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.
CloseScott Davidson
Counsel
King & Spalding
He has substantial experience in all aspects of Chapter 11 work and has appeared in both large and small bankruptcy... | Read More
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.
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