New Challenges For Real Estate Restructurings

Law360, New York (September 11, 2012, 12:19 PM EDT) -- Judges Kevin Carey and Mary Walrath of the United States Bankruptcy Court for the District of Delaware issued opinions in In re Tribune Co.[1] and In re JER/Jameson Mezz Borrower II LLC,[2] respectively, that shake up the landscape for restructuring real estate investments with multiple layers of debt.

The crux of the issue that was addressed in Tribune — and later affirmed in JER — was whether, absent substantive consolidation,[3] a plan of reorganization for jointly administered debtors must have an impaired consenting class of creditors...
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