Distressed Assets & Workouts

Overview

We advise borrowers, investors, lenders and others who are currently dealing with or contemplating loan workouts and/or recapitalizations, as well as clients who may be interested in acquiring or investing in distressed assets or loans encumbering such assets. In addition, we assist clients with restructuring their companies by acquiring target businesses (or the assets of those businesses), divesting underperforming assets or business units and/or financial restructuring.

Members of the team include AGG attorneys in Commercial Real Estate, Commercial Lending, Bankruptcy, Corporate, Litigation, Tax and Environmental Law who bring significant depth of experience to bear on the issues that must be addressed with respect to any threatened real estate or business asset. Our team has substantial experience in dealing with workouts and other issues with troubled assets and has a long track record of reaching the desired results for our clients.

There are times when situations need to be resolved with an outside authority or dispute resolution mechanism. AGG’s Bankruptcy and Litigation pracitces have extensive experience handling matters, both locally and nationally, in the bankruptcy courts and through mediation, arbitration and litigation.
With almost 60 years of experience representing our clients throughout the United States, whether an entrepreneurial mid-sized business, a Fortune 500 company, a major institutional lender, a REIT, a commercial real estate developer or a foreign investor, we know how to evaluate the options and achieve success for our clients.

Example of clients we frequently work with include:

  • Developers
  • Retail
  • Office
  • Residential
  • Mixed-use
  • Multi-family
  • Public/private partnerships
  • Lenders
  • Construction
  • Permanent
  • Mezzanine
  • Venture Capital
  • Investors
  • Purchasers and sellers of property
  • Purchasers and sellers of debt
  • Debtors and creditors in bankruptcy matters

Experience

  • Represented a borrower with negotiation of forbearance agreement on construction loan for condominium project.
  • Represented a purchaser of distressed property through loan assumption and workout of existing senior debt.
  • Represented a subordinate lender to assess its rights and remedies in connection with a senior loan default on a mixed-income rental housing project.
  • Represented a subordinate lender in connection with foreclosure by senior lender and bankruptcy of borrower.
  • Represented a LIHTC investor to evaluate alternatives in connection with distressed affordable multifamily housing project.
  • Represented a mezzanine lender/investor with restructuring of loan to equity investment and modification of senior debt.
  • Represented a borrower/owner of nonperforming multifamily rental project with analysis of issues for workout with lenders and investor.
  • Represented subordinate lender in workout negotiations with senior noteholders regarding receivership, foreclosure and bankruptcy issues.
  • Represented an investor in distressed proposed hotel development with sale of investor’s interest.
  • Served as counsel for institutional limited partner in distressed residential mortgage opportunity fund investment.
  • Represented regional owner of 2.5 million square foot portfolio of flex and mid-rise office properties, including acquisition, sale, leasing, finance and recapitalization transactions.
  • Represented Branch Banking and Trust Company in commercial foreclosures throughout Georgia, including foreclosure of retail centers, office buildings, residential subdivisions and raw land, and in successful judicial confirmations of foreclosure sales.
  • Represented Regions Bank in commercial foreclosure of an office building in Fulton County.
  • Represented SunTrust Bank in commercial foreclosures, including foreclosures of retail centers, office condominiums and residential subdivisions.
  • Representing national bank in workouts and restructuring of numerous non-performing real estate loans, including the workout of defaulted loans to several single-family home developer affecting more than 1,000 homes and developed lots.
  • Represented CMBS trusts in connection with hundreds of loan assumption, collateral release and transfer of interest transactions.
  • Representing owners and investors in connection with the syndication, financing, acquisition, leasing and disposition of neighborhood shopping centers. Clients include Equinox Group, Stafford Development Company, Alterman Properties, Goddard Development Company and Trammell Crow Company.
  • Represented borrowers and guarantors in connection with a loan workout and modification of an $18.8 million loan secured by three office buildings.
  • Represented five limited liability companies and related individual guarantors in the restructure and refinancing of several loans secured by five different properties, one of which was not income producing, resulting in a reduction of loan amounts by discount, extended loan periods and more favorable financing terms.
  • Represented owner/borrower in loan workout and conveyance of retail center by deed in lieu of foreclosure.
  • Represented CertusBank in loan workouts and commercial foreclosures, including foreclosures of office buildings and raw land. Represented Hamilton State Bank in loan workouts and commercial foreclosures of hotel properties and raw land.
  • Represented Illinois bank in loan workouts and commercial foreclosures of hotel properties in Georgia.
  • Represented venture fund in loan workouts and commercial foreclosures of hotel properties in Georgia.