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Legal News

: Legal Pad | LA

Crisis yields new partnerships between bankers and law firms

By Richard Binder

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In Los Angeles, the law firm of Manatt, Phelps & Phillips has joined forces with commercial real estate investment banking firm George Smith Partners to help borrowers restructure their debt.

Bank problems with commercial real estate loans led the Manatt law firm to create its joint venture with George Smith Partners. The law firm's distressed asset practice, which was formed in 2008, realized that the real estate community was stymied by the never-ending wave of maturities in commercial mortgage backed securities loans, with no refinancing opportunities.

To help borrowers, George Smith Partners will put together market and property-specific data, business plans and other documentation for a workout. The law firm will review the loan terms, analyze the securitization documents and conduct other due diligence. Both firms will help present the workout proposal to the servicer.

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Full post as published by Legal Pad | LA on July 20, 2009 (boomark / email).

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