Willkie is recognized internationally as having one of the world’s preeminent business reorganization and restructuring advisory practices, with established expertise in all aspects of business and financial restructurings. Representative real estate restructurings include the following:
Bank of America: Represented Bank of America and Merrill Lynch in the successful chapter 11 cases of Extended Stay Hotels and its affiliated debtors.
Centerbridge Partners, TPG Opportunities Partners and Fidelity Investments: Represented Centerbridge Partners, TPG Opportunities Partners and Fidelity Investments in a year-long multinational restructuring of resort operator Kerzner International Limited.
- Represented Citigroup in connection with the review and analysis of various troubled commercial real estate loans, and advised on potential restructuring options and workout possibilities with numerous borrowers, including with respect to its position in the $6.5 billion CMBS and mezzanine loan to Caesar’s (formerly known as Harrah’s).
- Represented Citigroup in the Extended Stay portfolio auction in connection with its publicly announced mortgage loan commitment to the consortium led by Starwood Capital.
CMBS Lenders/Harrah’s Entertainment: Represented certain CMBS lenders in connection with their respective holdings of Harrah’s Entertainment notes.
Two Secured Lender Groups: Represented two secured lender groups in connection with potential loan modifications and restructuring negotiations with two unaffiliated gaming operators.
Affinia Hotel: Represented sellers in the restructuring and sale of the Affinia Hotel portfolio.
Colony Capital LLC: Represented Colony in the restructuring of certain of its gaming investments, and in connection with a deed-in-lieu of foreclosure transaction with respect to an Atlantic City property.
Colony Capital LLC: Represented Colony Capital in connection with the Station Casinos bankruptcy proceedings.
Days Inn of America: Represented Days Inn of America, Inc. in its chapter 11 case.
Groupe Partouche: Advised Groupe Partouche, Europe’s second largest casino operator with gaming and related resort operations in France, Belgium, Spain, Switzerland, and Tunisia, as well as online and interactive operations, on the restructuring of its €430 million of indebtedness and the entry of Butler Capital into its share capital.
Resort Finance America: Representing Resort Finance America, a portfolio company of a major private equity investment firm client, as lender to various distressed time share developers in such developers’ judicial and non-judicial restructurings of several timeshare resorts, including Tempus Resorts America.
Resorts Atlantic City: Represented Resorts Atlantic City in connection with its Deed-in-Lieu transaction.
Resorts International Holdings, LLC: Represented Resorts International Holdings, LLC in connection with its loan modifications
State of Rhode Island/UTGR, Inc.: Represented the Governor and the Executive Branch of the State of Rhode Island in connection with the chapter 11 reorganization of UTGR, Inc. d/b/a Twin River, a gaming and racing facility in Lincoln, Rhode Island.