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Jan 26, 2010

Distressed investors target real estate

NEW YORK (Reuters) – Investors who focus on buying distressed assets plan to snatch up troubled real estate this year as corporate restructuring opportunities diminish, according to a survey released on Tuesday.

The poll of distressed investors found 41 percent expect real estate will be particularly attractive this year, up from 19 percent in 2009.

Jan 26, 2010

Distressed investors target real estate – survey

NEW YORK, Jan 26 (Reuters) – Investors who focus on buying
distressed assets plan to snatch up troubled real estate this
year as corporate restructuring opportunities diminish,
according to a survey released on Tuesday.

The poll of distressed investors found 41 percent expect
real estate will be particularly attractive this year, up from
19 percent in 2009.

Jan 25, 2010

Ross may offer financing for Stuyvesant management

NEW YORK, Jan 25 (Reuters) – Investor Wilbur Ross said on
Monday his firm would provide “major financial support” to help
LeFrak Organization in its offer to take over management of New
York’s Stuyvesant Town and Peter Cooper Village housing
complexes.

“We are supporting LeFrak in its efforts to become the
manager of the property succeeding Tishman Speyer,” said Ross
in an interview. “We’ll do whatever we can to facilitate that,
including — if and when it’s appropriate — provide major
financial support for a restructuring.”

Jan 25, 2010

Tishman, BlackRock quit huge NYC housing complex

NEW YORK, Jan 25 (Reuters) – The owners of the huge
Stuyvesant Town and Peter Cooper Village housing complex in
Manhattan are giving up control of the property to creditors, a
move likely to set off a wrangle over billions of dollars of
losses after the real estate boom went bust.

Tishman Speyer Properties LP and a realty unit of BlackRock
Inc <BLK.N> are surrendering the 11,200 apartment property four
years after their venture bought it from MetLife Inc <MET.N>
for $5.4 billion.

Jan 20, 2010

Atrium files for Chapter 11, cuts debt by 50 pct

NEW YORK, Jan 20 (Reuters) – Atrium Cos Inc [ATRUM.UL], a
maker of windows and patio doors, said on Wednesday it filed
for Chapter 11 bankruptcy after reaching agreement with lenders
to cut its debt through a prearranged restructuring plan.

Two-thirds of Atrium’s senior secured lenders have agreed
on a plan to cut debt by more than $350 million or over 50
percent, the company said in a statement. It expects to
complete the restructuring in three to four months.

Jan 19, 2010

Lyondell gets more time to plan reorganization

NEW YORK, Jan 19 (Reuters) – A U.S. bankruptcy judge on
Tuesday gave bankrupt chemicals company Lyondell Chemical Co
[ACCELC.UL] more time to exclusively file a plan of
reorganization, and denied a creditors’ motion to expand a
probe into some of the company’s restructuring methods.

The judge also denied a motion to stop so-called adequate
protection payments of about $40 million per month to
first-lien lenders, saying that doing so would cause the
company to default on its bankruptcy financing agreement.

Jan 11, 2010

Equal maker Merisant emerges from bankruptcy

NEW YORK, Jan 11 (Reuters) – Merisant Co [MERWOM.UL], the
maker of low-calorie tabletop sweeteners such as Equal and
PureVia, said on Monday that it had cut debt by 74 percent and
emerged from Chapter 11 one year after it filed for
bankruptcy.

A Delaware bankruptcy judge approved the company’s
restructuring plan, which included reducing debt to about $147
million. Private investment funds managed by Wayzata Investment
Partners LLC have become the majority shareholders and
appointed five of the seven members of the new board.

Jan 5, 2010

U.S. business bankruptcies rise 38 pct in 2009

NEW YORK, Jan 5 (Reuters) – U.S. business bankruptcies rose
38 percent last year, to a record since bankruptcy laws were
changed in 2005, according to a bankruptcy data firm on
Tuesday.

There were 89,402 bankruptcy filings by businesses last
year, compared with 64,584 the previous year, according to data
compiled from court filings by Automated Access to Court
Electronic Records, which is part of Jupiter eSources LLC in
Oklahoma City.

Jan 5, 2010

Simmons restructuring plan gets court OK

NEW YORK, Jan 5 (Reuters) – Simmons Bedding Co [SIMMB.UL]
said on Tuesday a bankruptcy judge had approved its plan to be
taken over by a group that owns rival Serta, and it plans to
emerge from bankruptcy by about Jan. 20.

The Atlanta-based maker of Beautyrest mattresses said the
U.S. Bankruptcy Court for the District of Delaware approved its
pre-packaged restructuring plan, which allows the company to
cut its debt by more than half and be acquired by affiliates of
Ares Management LLC and Teachers’ Private Capital.

Dec 23, 2009

NY’s Tavern on the Green to sell art, chandeliers

NEW YORK (Reuters) – New York’s famed restaurant and celebration spot Tavern on the Green has asked a bankruptcy court to approve the sale of its tableware and art, including Tiffany stained glass, murals and etched mirrors, at a mid-January auction.

The auction, run by Guernsey’s and scheduled for January 13 and 14, will offer some 900 lots of items including Baccarat chandeliers, outdoor topiaries and copper weather vanes to restaurateurs, decorators and the general public.

    • About Chelsea

      "Chelsea Emery joined Reuters in 2001. She wrote the daily stock market story during the dot.com era. She then moved to the aerospace desk to follow defense contractors during the Iraq war. When the U.S. economy began to crumble in 2008, Emery reported on corporate bankruptcy and restructuring for companies including Lehman Brothers and General Motors. While currently an editor, Emery continues to write chef and author profiles for the Reuters Life! wire. Emery is originally from Oregon. She has lived in Japan, Ireland and Hong Kong. She speaks Japanese and Spanish."
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