Debt Restructuring

Eyzenberg & Company offers highly sophisticated advisory services for loan restructuring/workout situations. Our first-hand insider knowledge and understanding of the CMBS workout framework will enable us to help clients navigate to the most successful outcome possible.

Assets go into workout/restructuring for various reasons, with each one greatly affecting the remediation strategy. Whether due to technical default, overleveraging, underperformance or simply poor timing leading to term default, we can help optimize the resolution.

CMBS workouts are unique in that many factors come into play not usually seen with balance sheet lenders. We help clients understand and factor in:

• Rights and remedies granted under the pooling and servicing agreement
• Controlling class bond factors and how to potentially use that in your favor
• B-piece and special servicer decision tree matrix and the tax implications thereof
• Economic effects of A/B note bifurcation, short sale, discounted payoff, note purchase and extensions
• Capital deployment strategies of both parties

One of our unique differentiators is our ability to simultaneously arrange all necessary capital to consummate a resolution thereby creating a seamless process from start to finish.

The debt restructuring practice is headed by Robert Ginsberg, a highly seasoned workout professional. As head of Torchlight Loan Services’ large loan workout group, Mr. Ginsberg resolved more than $3 billion of specially serviced loans between 2010 and 2014. Going back to the early 1990s Mr. Ginsberg was a DIP and turnaround lender with CIT group’s bankruptcy restructuring department and co-headed MetalGesellschaft’s distressed debt trading group. As a developer and real estate investor, Mr. Ginsberg also faced and resolved some of his own distressed situations in 2009 and 2010.