News & Events

Firm Represented Special Servicers in Largest Real Estate Bankruptcy in U.S. History

January 29, 2010

Bryan Cave recently represented two special servicers of approximately $3.8 billion of secured debt in connection with the Chapter 11 cases of General Growth Properties (GGP) Inc. and its affiliates. The GGP Chapter 11 cases are the largest operating real estate bankruptcy ever filed.

Bryan Cave took a leading role in these Chapter 11 cases and in negotiating the consensual restructuring of these loans, which served as the template for the restructuring of GGP’s remaining property level debt.

GGP and its affiliates filed for bankruptcy protection in April 2009. In less than nine months, Bryan Cave successfully restructured most of the loans. Key provisions of the restructuring included strengthened lender protections, preservation of the original economic terms of the deal, which included interest rates and principal amounts, and the extension of maturity dates. The restructurings were implemented through individual plans of reorganization for each of the relevant GGP debtors, which preserved and maintained the separateness of these entities and their assets.

These results were achieved through a team effort involving more than 30 Bryan Cave lawyers from six offices. The team was led by Larry Gottesman and included Michelle McMahon, Andy Auerbach, Gary Wolff, Carolyn Brown, Jeff Chavkin, Matt Cudrin, Matt D’Amico, Bryan Durrett, Chris Eagan, Renée Frost, Gita Gandhi, Craig Jeffrey, Jeff Kaplan, Jay Levin, Jeffrey Levin and Ian Weiskopf.