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Workouts and Restructurings

Shearman & Sterling's Real Estate Group has a leading practice that represents agent banks, lenders and borrowers in real estate workouts, restructurings, foreclosures, deeds-in-lieu of foreclosure, receiverships and bankruptcies, throughout the world. It is our seamless coordination with the firm’s Financial Restructuring & Insolvency, Tax and Litigation Groups that makes us a key advisor to clients navigating through turbulent times. Our lawyers routinely advise investors, including commercial banks, insurance companies, private and public real estate funds and developers, in their purchases and sales of distressed debt instruments and distressed real estate, including large loan portfolios and real estate portfolios.

In many respects our lending and workout practices are complementary. Lessons learned in the context of workouts and restructurings generally result in the development of new approaches, which help our clients avoid the same difficulties in new financings.

Real estate workouts and restructuring transactions we have handled include:

  • Advising agent banks and lending syndicates on forbearance arrangements, intercreditor agreements, workouts and restructurings of corporate credit facilities for publicly traded real estate investment trusts and other major real estate companies
  • Advising on the purchase and financing of investments in distressed loan portfolios throughout the world
  • Advising senior lenders on receiverships and mortgage foreclosures affecting partially completed construction projects
  • Advising on deed-in-lieu of foreclosure transactions and other resolutions of troubled real estate projects, including the sale and disposition of such projects
  • Advising mezzanine lenders on the UCC foreclosure of mezzanine loan positions
  • Advising property owners on the sale and disposition of distressed real estate projects
  • Advising investors on the purchase of distressed mortgage and mezzanine loans at a discount to face value
  • Advising borrowers in the negotiation of extensions and refinancings of securitized loans
  • Advising lenders and borrowers in all aspects of real estate bankruptcies, including prepackaged, pre-negotiated and contested Chapter 11 cases

Our cross-disciplinary approach to these matters and our extensive experience dealing with past distressed situations enable us to identify effective strategies to achieve our clients’ goals proactively and efficiently. The results are solutions allowing our clients to reduce their risks and costs, capture available value and emerge from distressed situations in an effective and timely manner.

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