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.
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.
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
“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.”
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.
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.
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.
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
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.
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
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
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.
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.