Equity holders preview valuation challenge
Judge OKs bankruptcy loan
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(Reuters) - The judge overseeing Washington Prime Group Incâs bankruptcy said on Monday that evaluating the mall operatorâs assets will be difficult as the lasting effects of the COVID-19 pandemic on real estate remain unclear â an issue that has quickly become central to the mall operatorâs Chapter 11 case.
Ziel Feldman (right), Nir Meir and the XI (Illustration by Zach Meyer)
“What’s the latest?” read the text that popped up on Nir Meir’s phone one Thursday afternoon in July. “Running out of time.”
The message to the HFZ Capital Group managing principal was from Adam Gibbons, an executive at CIM Group. The lender was awaiting an overdue payment on $90 million of mezzanine debt it holds on four prewar Manhattan apartment buildings HFZ is converting to condominiums.
“On it,” Meir wrote back. “2 min.”
Four hours later, a reference number popped up on Gibbons’ phone. It seemed the $2.3 million HFZ owed had been wired.