Willkie Advises on Acquisition of GMAC’s Resort Finance Business

September 24, 2010

Willkie client Centerbridge Capital Partners, L.P. and its related entities announce acquisition of resort finance business of GMAC Commercial Finance LLC, a subsidiary of Ally Financial Inc.

On September 23, Willkie client Centerbridge Capital Partners, L.P. and its related entities announced the acquisition of the resort finance business of GMAC Commercial Finance LLC, a subsidiary of Ally Financial Inc. The acquired business primarily consists of a $1 billion portfolio of loans related to timeshare resorts throughout North America. In connection with the acquisition, which closed on September 13, Centerbridge formed Lantern Asset Management, LLC, a new asset management company that will manage the resort finance business. Lantern's senior management team is expected to include certain GMAC employees. Centerbridge, with approximately $12 billion in capital under management, invests across multiple strategies, including private equity and credit investments.

Willkie advised Centerbridge and Lantern in the deal. The transaction was handled by partners Rosalind Fahey Kruse, Thomas French, William Hiller and David Katz, special counsel Cindy Chernuchin, and associates Jeffrey Goldfarb, Meredith Gordon, Christopher Freeland, Johanna Ferraro, Leah Shams, Scott Reich, Michael Nieves, Devon Sharma and Eric Ziff of the Corporate and Financial Services Department; partner Steven Klein and associates Mal Serure, Elliot Rishty, Allan Wiesel and Colin MacDonald of the Real Estate Department; partner Marc Abrams, special counsel Robin Spigel, and associate Shaunna Jones of the Business Reorganization and Restructuring Department; partner Hillel Jacobson of the Tax Department; and partner David Rubinsky and associates Jordan Messinger and Jason Ertel of the Executive Compensation and Employee Benefits Department.