Restructuring Advisory

Clients seek our expert help in the marketing, management and administration of §363 asset sales. Our dedicated real estate restructuring professionals have extensive experience managing sales of real estate-related assets in numerous bankruptcy proceedings. With our broad knowledge and experience in §363 asset sales, we have earned a reputation for engaging sophisticated bidders and promoting the full extent of potential value.

Services include:

• Development and administration of fair and efficient bidding procedures
• Identification of stalking horse bidder and prospective universe of additional qualified bidders
• Development of marketing materials
• Aggregation of information and management of data room
• Analyses and expert testimony to support court approval of sale results

Successful completion of the Chapter 11 reorganization process requires a viable, comprehensive plan for discharging financial liabilities. From the initial filing of schedules to final distributions, we provide proven solutions to claims management challenges.

Our bankruptcy advisors assist in every step of the Chapter 11 process, from developing and securing approval of a plan to supporting rapid emergence from bankruptcy. Claims management teams are backed by our proprietary Claims Management System, a flexible, multi-user information system that manages and resolves scheduled liabilities and claims. The platform maintains highly advanced and stringent security measures to protect client data.

Services include:

• Pre-filing planning and preparation, including development of creditor noticing database, information supporting the First Day Motions, and procedures for appropriate cutoff of accounts payable/ledger coincidental to the Petition Date, as well as accurate and timely reporting during the case
• Initial debtor/trustee meeting, statement of financial affairs, schedules of assets and liabilities, monthly operating reports, and claim reconciliation and reporting
• Reconciliation of scheduled liabilities to filed proofs of claim, development of exhibits in support of claim objections, executory contract analysis, and development of information in support of disclosure statement and plan of reorganization

Clients 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 all technical requirements involved in the restructuring of real estate. 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
• Analysis of refinancing alternatives and capital solutions
• Liquidity management and preparation of financial projections
• Contingency planning and analytical support for in-court and out-of-court negotiations
• Identification of key tax issues and opportunities
• Expert testimony, including support of plan assumptions, use of cash collateral and §363 asset dispositions
• Marketing, management and administration of §363 asset sales

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

For buyers, services include:

• Due diligence on loan documents, markets and collateral value, 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

For 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

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. Our interim management senior professionals are highly regarded, experienced former executives focused on enhancing working capital and driving profit improvement strategies.

Distressed debt presents opportunities for investors to earn attractive risk-adjusted returns, either through the acquisition of troubled debt or the acquisition and resolution of mortgage interests connected to real property. Holders of distressed debt need assistance in preparing for and executing loan sales to meet regulatory, capital ratio, cash need or other objectives. We provide both sell- and buy-side services related to distressed debt interests in real estate.

Let us help you:

• Organize/build databases for bidders and conduct sell-side due diligence
• Provide indicative pricing analyses to set bid expectations
• Advise on loan pool configuration to maximize bid interest and results
• Advise on terms and conditions of loan sales
• Verify information and assist with closing transactions
• Provide due diligence on loan documents, servicing histories, and property collateral and markets
• Develop pricing analyses and sensitivities
• Analyze cost of servicing
• Assist with bid formulation, closing and transfer of servicing
• Assist in loan resolution and related buyer’s tax consequences

Secured lenders lean on our team’s broad range of hands-on strategic and technical skills, including the ability to apply advanced analytic tools to the unique demands of each situation. Our reputation for technical excellence, in-depth analytics and practical objectivity 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.

Services include:

• Business plan review and diagnostics
• Liquidity assessment and cash flow analysis
• Operational performance review
• Strategic alternatives and exit strategy formulation and analysis
• Plan negotiation
• Marketing, management and administration of §363 asset sales
• Expert testimony, including cram-down interest rate and plan feasibility
• Watch-list advisory for secured lenders and special servicers

While each case presents a unique set of challenges, real estate clients need a resource that understands the technical issues, risks and nuances that can arise under these circumstances. Our professionals have served as court-appointed trustees, examiners and receivers (and their advisors) in Chapters 7 and 11 bankruptcy and forfeiture matters, having been involved in some of the most significant out-of-court and judicial restructurings of the past few decades.

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 the various constituents at the negotiating table
• Providing asset recovery services — including pursuit of avoidance actions, forensic accounting and investigation services — to maximize return to creditors

Unsecured creditors and their professional advisors seek our guidance to analyze and understand the complex body of information and assumptions, as well as the interpersonal dynamics and negotiating positions of the parties involved. Clients rely on our highly experienced restructuring professionals, who have proven track records of success in some of the most complex real estate restructuring events in recent history.

Services include:

• Business plan review and diagnostics
• Liquidity assessment and cash flow analysis
• Operational performance review
• Strategic alternatives and exit strategy formulation and analysis
• Plan negotiation
• Marketing, management and administration of §363 asset sales
• Expert testimony