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Press release content from PR Newswire. The AP news staff was not involved in its creation.
PRESS RELEASE: Paid content from PR Newswire
Press release content from PR Newswire. The AP news staff was not involved in its creation.

Owners of 245 Park Avenue in New York City and 181 West Madison Avenue in Chicago Commence Value-Maximizing Capital Structure Reorganization Process

November 1, 2021 GMT

NEW YORK, Nov. 1, 2021 /PRNewswire/ -- PWM Property Management LLC and certain other affiliated entities (collectively, the “Company”) that directly or indirectly own 245 Park Avenue in New York City and 181 West Madison Avenue in Chicago (together, the “Properties”) have commenced voluntary reorganization cases under chapter 11 of the U.S. Bankruptcy Code in the United States Bankruptcy Court for the District of Delaware.

The Company plans to use its reorganization to maximize stakeholder value by, among other things, restructuring its preferred equity and funded debt obligations to better position the Company to capture market share during the anticipated post-COVID commercial real estate rebound.

During its restructuring process, the Company will use its cash on hand to continue operating in the ordinary course, including paying go-forward property management fees and other operating costs without interruption. The Company remains focused on maintaining its track record of excellent service to tenants and working with vendors as normal.

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Additionally, as part of this process, the Company will seek to transition management of 245 Park Avenue to MB Real Estate (“MBRE”), which manages the Company’s 181 West Madison property. The expansion of the Company’s relationship with MBRE as property manager of 245 Park Avenue will position the Properties to enhance competition with their peer group by better aligning the property manager’s incentives with those of the Company and its stakeholders.

Additional information regarding the Company’s court-supervised restructuring process is available at the Company’s restructuring website, https://omniagentsolutions.com/PWM, or by sending an email to PWMinquiries@omniagnt.com.

White & Case LLP is serving as the Company’s legal counsel and M3 Advisory Partners LP is serving as restructuring advisor. Mohsin Meghji of M3 Advisory Partners is serving as the Company’s chief restructuring officer.

View original content: https://www.prnewswire.com/news-releases/owners-of-245-park-avenue-in-new-york-city-and-181-west-madison-avenue-in-chicago-commence-value-maximizing-capital-structure-reorganization-process-301412946.html

SOURCE White & Case LLP