German publication Deal Magazin mentions Kaye Scholers’ ongoing role as advisor of Hatfield Philips International Limited as special loan servicer of the Karstadt Kompakt Loan and features the latest sales of two former Hertie department store properties that formed part of this portfolio.
London Bankruptcy & Restructuring partner David von Saucken and Associate Manuela Krach have been advising HPI since the loan held as the remaining part of the Deco 7 securitisation came into special servicing back in 2010. Since then, von Saucken and Krach have advised HPI on all issues that have arisen in winding down this portfolio. This included the negotiation with the Dutch bankruptcy trustees, successful creditor filings for German secondary proceedings and litigation to recover unpaid rents from the estate of Hertie Warenhaus GmbH.
Of the originally 56 department store buildings that were vacated in 2008-09, a total of 26 have been sold to date with Kaye Scholers involvement.
Read the Deal Magazin article here (in German).
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