SIT­U­A­TION

• Worked for Real Estate Land­lord Com­mit­tee in Chap­ter 11 of Gar­den Ridge (the ​“Com­pa­ny)
• Retail­er went into Chap­ter 11 with premise of nego­ti­at­ing all leas­es to low­er rate, reject­ing some leas­es and chang­ing the mer­chan­dis­ing concept
• Big Box Retail real estate land­lords formed com­mit­tee to nego­ti­ate with debtor
• Many of retail stores were in own­er­ship by TIC Funds with lim­it­ed abil­i­ty to rene­go­ti­ate and requir­ing 100% of own­er­ship to accept new terms

OUT­COME

• Suc­ces­ful­ly nego­ti­at­ed with Debtor on var­i­ous lease rates for 35 indi­vid­ual stores
• Worked with var­i­ous TIC Funds to answer ques­tions for dif­fer­ent Investors such that a restruc­tur­ing could prevail
• Worked with Debtor to achieve suc­cess­ful plan of reorganization