Debtwire Restructuring Forum New York 2023
Our brand-new event for the North American restructuring community!
Conrad New York Downtown, 102 North End Avenue, New York, NY 10282
15
Jun
Panel: Sector focus – distressed commercial real estate litigation and restructuring
According to Debtwire data, real estate was the most active bankruptcy sector in 2022, comprising 17% of cases filed during the year. It is expected that there will be an increasing wave of defaults and bankruptcies in the commercial real estate sector, with lenders putting pressure on property owners, hybrid work detrimentally affecting landlords, and rising interest rates being among some of the issues impacting borrowers. Our industry experts will discuss what is next on the horizon, as well as share best practices on how to be prepared given continued market dislocations.
- What are the key trends shaping the sector, and how has the pandemic, macroeconomic backdrop, and work from home phenomenon continued to affect stakeholders in commercial real estate?
- Is there an expected rise in both in-court and out-of-court restructurings related to distressed property assets?
- What are the opportunities for investors looking to acquire distressed real estate assets?
- What is the outlook for the sector in the upcoming months?
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SpeakersAdam Rogoff Partner KRAMER LEVIN
Daniel Berman Partner KRAMER LEVIN
Ian Glastein Managing Principal and Co-Head of Real Estate MONARCH ALTERNATIVE CAPITAL
Larry Kwon Managing Director MOELIS
David Schonbraun Managing Partner GREENBARN INVESTMENT GROUP
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Adam C. Rogoff
Adam C. Rogoff provides senior corporate governance advice to boards and C-level executive management in all aspects of restructuring, whether in court or out of court, and also represents significant creditor and other interests in complex restructuring matters. In particular, Adam counsels and represents a diverse range of corporate debtors, directors and sponsors; official and ad hoc creditors’ committees; secured creditors, including debtor-in-possession financing lenders; distressed asset purchasers; and other significant parties in complex transactional, litigation, corporate governance and advisory matters relating to restructuring, Chapter 11 bankruptcy, “prepackaged” Chapter 11 cases and out-of-court workouts.
Adam has represented the official unsecured creditors’ committees in some of the largest and most well-known bankruptcies in the country, including the Official Committee of Unsecured Creditors of Stanadyne/PurePower Technologies, Eagle Hospitality (REIT), Ruby Tuesday Inc., California Pizza Kitchen Inc., Forever 21, Toys “R” Us, NII Holdings Inc. (an international telecommunications company and a leading provider of mobile communication services operating under the Nextel brand in Latin America), the Patriot Coal Corp., General Motors Corp. and Chrysler LLC cases, and the Committee of Ad Hoc Unsecured Creditors of K’s Merchandise Mart in an out-of-court restructuring.
He also has successfully represented various real estate or “hard money lenders” in single asset real estate cases in New York City in which, on behalf of his clients, the lenders successfully prosecuted competing Chapter 11 plans for the sale of the underlying collateral. This includes successfully obtaining the appointment of a Chapter 11 Trustee for “cause” (based on, among other things, fraud and dishonesty) for The Williamsburg Hotel.
Adam advises and represents purchasers of substantially all of a Chapter 11 debtor’s assets, as well. He represented the acquirer of the assets of Airways Inc., MobileAira (a subsidiary of Delphi), Norstan Apparel, Jacobson Stores, Today’s Man and Filene’s Basement. He has also been involved in extensive distressed real estate acquisitions, including well-known matters such as Service Merchandise.
Daniel Ross Berman
Daniel Ross Berman counsels developers, investors, lenders and operators in a range of real estate transactions, including acquisitions, dispositions, joint ventures, development deals, preferred equity investments, loans, leases, recapitalizations and restructurings. His work spans hospitality, industrial, health care, entertainment, retail, office, multifamily and mixed-use properties.
Dan has a national practice that includes acquisitions, dispositions and joint venture development deals across the country as well as a localized practice with an emphasis on complex development deals. For example, Dan is currently handling numerous redevelopment projects in New York City involving various religious and charitable institutions, each with different deal structures. These include ground leasing the land during development and dividing the ownership of the completed building between the developer and the institution by converting the property to a commercial condominium.
Ian Glastein is a Managing Principal and Co-Head of Real Estate at Monarch Alternative Capital, a global investment firm with over $10 billion in assets under management. Mr. Glastein focuses on investments in opportunistic and distressed situations across corporate debt, real estate, special situations, and other market segments. Prior to joining Monarch in 2011, Mr. Glastein worked at Goldman Sachs as an Investment Banking Analyst in the Healthcare Group before completing a two-year fellowship at The Rabinowitz Institute in Israel. Mr. Glastein currently serves on the boards of various entities related to investments in U.S. real estate, including RX Health & Science Trust and RGMZ, and serves as Chairman of the Board of Shopko Optical. Mr. Glastein graduated from the University of Pennsylvania, magna cum laude, with a B.S. in Economics from the Wharton School and a B.A. in Biology from the College of Arts and Sciences. He also earned a Master of Biotechnology from the School of Engineering and Applied Science.
Larry Kwon is a Managing Director at Moelis & Company where he specializes in advising clients in the real estate, gaming, hospitality and leisure industries. Larry has over 20 years of investment banking experience, advising both companies and investors on a wide variety of corporate finance matters including M&A, recapitalizations and restructurings, and debt and equity capital raisings. Larry advises on both U.S. and international transactions and has executed numerous cross-border transactions involving parties in Asia, Europe, the Middle East and the Americas.
Mr. Schonbraun is a Managing Partner of GreenBarn Investment Group responsible for overseeing the origination, structuring and asset management of GreenBarn’s investments. Prior to joining GreenBarn, he was Head of US Real Estate Credit at The Carlyle Group and also served as CIO of SL Green Realty Corp (NYSE: SLG), where he worked for 19 years. At SL Green, Mr. Schonbraun was responsible for the real estate equity and debt acquisitions, dispositions, alternative investments, borrowings and structured finance. He closed on tens of billions of dollars worth of transactions in the United States, including many of SL Green’s largest office acquisitions and helped lead the formation of public company Gramercy Capital Corp—an early entrant in the specialty finance business. He also led and expanded SL Green’s structured finance platform and was directly responsible for Green Loan Services, the Company’s special servicing arm that serves by SL Green and third-party lenders. In addition, Mr. Schonbraun has built and maintained key relationships with top institutional borrowers, lenders and brokers. He received a Bachelor of Arts degree in economics from Princeton University and has been named for multiple years in Commercial Observer’s 50 Most Important People in Commercial Real Estate.