A Denver land and water development firm had obtained financing to acquire agricultural land and water rights through a series of loans from private investors totaling $76.1 million. The developer’s plan included the conversion of agricultural water rights to allow for municipal use in a residential and commercial development in northern Colorado. An affiliate of Cordes & Company was named as the nominee agent for the investors. When the borrower defaulted, we stepped in to provide guidance in the formulation of a restructuring plan to allow the lenders to assert control over the assets and implement an orderly liquidation to achieve repayment of the loans. Our efforts included supporting the business case for an additional infusion of $7.2 million from the lenders to fund operations and preserve the assets during the liquidation. We created an entity to manage the restructuring/work-out of indebtedness secured by real property, water rights and related assets, leases and contract rights, and personal property.