Geo Group Lenders Prep for Debt Talks With Prison Operator - Bloomberg: Lenders to private prison operator Geo Group Inc. are gearing up for debt talks, according to people with knowledge of the matter, hiring lawyers and interviewing financial advisers to protect their interests in the discussions. A group of term loan holders tapped law firm Gibson Dunn & Crutcher while bondholders hired lawyers from Akin Gump Strauss Hauer & Feld, said the people, who asked not to be identified because the information is private. Both groups are interviewing financial advisory firms, they added.
The Five Largest CMBS Loan Losses from April 2021: CMBS disposition volume rose slightly in April after a slowdown in disposition activity in March. Overall, $235.6 million across 20 notes paid off last month with roughly $138.6 million in losses - up from 37.7 million across seven notes in March.
Online Sales Party Starts Winding Down - WSJ: E-commerce sales from both online and traditional retailers are still growing, but could start losing momentum quickly.
Brooks Brothers' billionaire former owners are sued over its bankruptcy | Reuters: The billionaire Italian family that until recently owned Brooks Brothers has been accused in a lawsuit of driving the iconic apparel retailer into bankruptcy instead of selling it, to avoid paying millions of dollars to an investor.
Investors Put Millions Into a Luxury Student Dorm. They Say They Were Ripped Off. - The New York Times: Lawyers, retirees and others who invested their savings in a luxury student dorm say two real estate firms duped them. They’re suing to recoup their money.
Bombardier Finds White Knight to Fend Off Debt Breach Challenge - Bloomberg: Bombardier Inc. sold an additional $260 million of its 7.45% bonds due 2034 to an unidentified party in a move that will make it more difficult for creditors to trigger a default by arguing that the company’s divestitures ran afoul of investor debt protections.
Providence Place Mall owner seeks mortgage relief after COVID struggle: The mall mortgage was placed in special servicing April 27 "due to imminent monetary default," Fitch Ratings said as it downgraded the credit rating of bonds containing the mortgage.
Las Vegas-Area Retail Center That Backed $62.2Mln Loan Sells for Sub-$1Mln – Commercial Real Estate Direct: The Prizm Outlets retail property outside of Las Vegas has been sold. And it's resulted in the CMBS deal that had held a $62.2 million loan against it getting walloped. The property, the former Fashion Outlets of Las Vegas, was sold to an affiliate of Kohan Retail Investment Group. It generated a mere $401,880 of proceeds, increasing the loss to the CMBS trust that held the loan to $66.25 million.
