Day 1
- Practical strategies for unwinding real estate deals outside of bankruptcy or litigation
- Negotiating, structuring and drafting the restructuring of failed real estate projects
- Underlying economics and tradeoffs of real estate restructuring
- Types of sellers and their impact on restructuring – individual owner, institutional, joint venture, private equity
- Complications and limitations involving syndicated loans, CMBS loans, and REMICs
- Navigating seller issues – personal guaranties, ongoing management fees, upside participation, reputation
Day 2
- Restructuring alternatives, including straight purchases, “Loan to Own,” rescue capital/preferred stock/securities
- Drafting forbearance and loan modification agreements
- Receivership of distressed properties and planning to emerge from receivership
- “Loan to own” strategies and limitations
- Tax issues, including cancellation of indebtedness and restructuring recourse indebtedness
- Potential loss of valuable tax attributes and tax planning opportunities
Faculty: Anthony Licata, Taft Stettinius & Hollister LLP, Chicago, IL