Restructuring, Workouts and Loan Sales


Honigman’s Restructuring, Workouts and Loan Sales Practice Group provides highly sophisticated and unique approaches to assist our real estate and lender clients with distressed assets. We employ an interdisciplinary and results-based approach to develop and implement solutions that match our clients’ objectives.

Honigman represents borrowers, guarantors, debtors, creditors, developers, receivers, loan servicers, mortgage loan brokers, management companies, banks, pension funds, syndicators and other equity providers, debt and equity funds, acquisition funds and other institutional lenders with distressed secured assets. We handle projects ranging from single-asset projects to large, multi-state portfolios throughout the United States, including Illinois, Ohio, Florida, Tennessee and Colorado.

We advise on:

  • Loan restructurings, loan amendments and consolidations
  • Uniform Commercial Code sales
  • Springing guarantees
  • Lock boxes and perfection of assignment of rents
  • Participating mortgages
  • Debt-to-equity conversions
  • Secured debt to mezzanine conversions
  • Mezzanine debt and equity foreclosure
  • Debt sales
  • Receivership mortgagee in possession
  • Non-recourse carve-out analysis and collection
  • Ground lease terminations
  • Construction lien foreclosure
  • Analyzing and enforcing rights and remedies relating to liquor licenses
  • Restructuring partnerships, limited liability companies and other entities
  • Federal and state tax issues

A substantial portion of our practice involves the representation of national financial institutions and loan services with respect to management, sales positioning and disposition of commercial and multifamily real-estate-owned (REO) portfolios, both in the conventional market sale context and in bulk auction sales. Our Practice Group has experience dealing with the legal challenges that financial institutions and loan servicers often face in connection with the management and disposition of large volumes of owned real estate. We are also well-versed in the techniques and best practices for disposing of such assets with minimal liability and maximum return. In recent years, we have represented REO servicers and financial institutions across the United States in the sale of thousands of multifamily units and commercial properties through each stage of foreclosure.

Honigman is highly experienced with specific laws and legal techniques associated with distressed real estate projects and other secured assets. Our multidisciplinary group draws from our Corporate; Commercial Law; Bankruptcy, Reorganization, and Creditor Rights; Tax; Affordable Housing; Lending and Finance; Litigation; Investment Incentives and Tax Savings; Tax Appeals; and Construction Planning practices.

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