Category: Real Property
SAREs Revisited
Clothing stores, restaurants, gyms and other businesses find themselves in a $52 billion and growing hole of unpaid retail rent that’s been missed since April 2020. According to CoStar Group Inc. TIAA Real Estate Account – run by the giant Teachers Insurance and Annuity Association of America – noted...
Top 10 Takeaways: Predictions and Trends for Distressed Assets
On January 26, 2021, I participated in a distressed asset panel at the Dressed for Distressed Forum hosted by Commercial Observer along with Aaron Ratner of Empire State Realty Trust, Michael May of Silverstein Properties, and Robert Verrone of Iron Hound Management Company. Fred Berk of Friedman LLP moderated...
What Commercial Landlords and Tenants Should Know About Tenant Bankruptcies Amid Restricted Evictions
Recent COVID-19-related orders from state and local authorities which restrict evictions raise important questions for commercial landlords and tenants. The relationship of these orders to a subsequent tenant bankruptcy is discussed here. The answer may very well depend on the precise language of the orders issued by the particular...
Beware of the ABL Trap: The Challenges of Retail Chapter 11 Debtors and Asset Based Lending
An asset-based loan (“ABL”) is often the financing of choice for retail borrowers – and for good reason. In its simplest form, an ABL is a credit facility, usually in the form of a revolving line of credit, the availability of which is based exclusively on the value of...
Experts: Drought Could Reverse Downturn in Bankruptcies
Greenberg Glusker Fields Claman & Machtinger LLP partner Brian Davidoff was quoted in an article that ran in the Los Angeles Daily Journal on July 31 st about current predictions that the bankruptcy industry will soon see a spike in bankruptcy cases as a result of the state’s ongoing...
As Retail Bankruptcies Rise, Landlords Must Prepare
Commercial landlords should take notice. Within the last several months, one women’s clothing retailer after another has gone out of business. On Dec. 4, 2014, Philadelphia-based Deb Shops filed Chapter 11. Next came Delia’s , based in New York, which filed bankruptcy only four days later. On Jan. 9...
Retail Chapter 11 Filings Up, Bucking Bankruptcy Trends In Economic Recovery
The economy is humming along and bankruptcy filings are at historic lows. Nevertheless, a recent trend in retail may suggest that the times, they are a-changing. Radio Shack, the 95-year-old national chain that for many years was the “go-to” store for consumer electronics, has been in the headlines as a...