Cordes & Company

Retail housing development on the ropes

One of St. Louis’ largest homebuilders, with six active developments located primarily in St. Charles, Missouri, defaulted on $100 million of collateral-based loans.  After entering into a forbearance agreement with the lenders, the homebuilder ultimately filed for Chapter 11 bankruptcy protection.  Cordes & Company was retained by the lead creditor to provide the creditor group with the information and analysis required to restructure this debt and analyze the reorganization plan.  Our services included forensic accounting, financial projections, individual asset category valuation, market strategy formulation and a review of community governance documents.  Ultimately, the creditors negotiated a deed in lieu of foreclosure as well as long-term purchase and sale agreements with the debtor.

Colorado
5299 DTC Boulevard
Suite 600
Greenwood Village, CO 80111
Telephone: 303.721.8755
Minnesota
2677 N. Innsbruck Drive
Suite A
New Brighton, MN 55112
Telephone: 612.455.6027
California
2030 Main Street
Suite 1600
Irvine, CA 92614
Telephone: 949.379.1202
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