We have attached the latest Distressed Assets Opportunities lists prepared by our colleagues in the Business Reorganization and Bankruptcy Group and the Real Estate Group. The lists can be accessed by clicking the hyperlinks.
On October 25, commercial real estate financing company Capmark Financial Group Inc., together with over 40 of its affiliates, filed a voluntary petition for chapter 11 bankruptcy protection in the U.S. Bankruptcy Court for the District of Delaware. The debtors cite among the reasons for their filing the declined values of their loan portfolio, tightening of credit markets and a heavy debt burden. Capmark, formerly a part of GMAC's residential mortgage business until 2006, listed $20.1 billion in assets and $21 billion in liabilities on its petition.
Property in oroville and susanville, california : in re gumba investors, llc (bankr. e.d. cal.) case no. 09-40571
363 Asset Sales: The Latest Restructuring Tool
Introduction
The dearth of credit available for companies in financial distress means an asset sale may be the only way to save the business and jobs. It also presents unusually attractive investment opportunities for public and private companies, private equity and hedge funds, and other investors with capital and an ability to move expeditiously.
Retail Seminar Business In re Telligenix Corporation (Bankr. M.D. Fla.) Case no. 09-15238
Residential Lots in Mississippi In re South Marsh Developers, LLC(Bankr. N.D. Fla.) Case no. 09-32148
Stricker LP recently filed for Chapter 11 bankruptcy and, although no sale has been announced, the Debtor’s assets may be available for acquisition under the right circumstances. The Debtor owns a building and 7.9 acres of commercial zoned property located at 2201 East Lamar Boulevard, Arlington, Texas, valued at $19.8 million. The Debtor’s income from the operation of business for 2007 was $69,969 and for 2008 it was $60,667.
BGM Pasadena LLC recently filed for Chapter 11 bankruptcy, and, although no sale has been announced, the Debtor’s assets may be available for acquisition under the right circumstances. The Debtor’s real property is located at 210, 244 and 248 Orange Grove Boulevard and 369 and 375 West Del Mar Boulevard in Pasadena, California, valued at $10 million. The property is described as office and apartment buildings, with one commercial lease, seven residential leases, and one vacant residential unit.
Tampa Enclave 52 LLC recently filed for Chapter 11 bankruptcy and, although no sale has been announced, the Debtor’s assets may be available for acquisition under the right circumstances. The Debtor owns 144 unsold units in a condominium development known as “The Promenade at Tampa Palms” located in Tampa, Florida, valued at $5 million. The Debtor’s gross rent and income from the sale of apartments for 2007 was $7.3 million; for 2008 it was $2.6 million; and the gross rent for 2009 to date is $607,349.
Gordon W. Shaw Properties, Inc. recently filed for Chapter 11 bankruptcy, and, although no sale has been announced, the Debtor’s assets may be available for acquisition under the right circumstances. The Debtor owns real property consisting of four parcels located at 19782 Golden State Boulevard in Madera, California, valued at $8.7 million. The total acreage of the property is 463, with 455 of the acres planted as an 11-year-old grade vineyard. The Debtor’s personal property includes wells and the pumps for the wells valued at $239,694.