New York, NY
(April 5, 2011) - Paul, Hastings, Janofsky & Walker LLP, a leading global law firm, announced today that the firm advised real estate finance and investment management company Capital Trust, Inc. in the out-of-court restructuring of the companys approximately $580 million outstanding recourse debt obligations, representing a complete resolution of the company's legacy liabilities.
The restructuring involved the transfer of substantially all of its directly held interest earning assets to a newly formed subsidiary of Capital Trust, CT Legacy REIT, and was financed with a $83 million mezzanine loan made to CT Legacy REIT and the issuance of equity interests in CT Legacy REIT to certain creditors.
Corporate partner Michael Zuppone
led the Paul Hastings team, which included Scott Saks
, John Cahill
, Luc Despins
, Angelique Crain
, Jack Flanagan
, and Bret Votano
. Paul, Hastings, Janofsky & Walker is a leading global law firm with offices in Asia, Europe, and the United States. We provide innovative legal solutions to financial institutions and Fortune 500 companies