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Whitecase
Full Credential Description
Crown Capital Holdings LLC faced significant financial challenges, leading to a Chapter 11 filing in the US Bankruptcy Court for the District of New Jersey. The company was burdened with over US$200 million in bond indebtedness, which necessitated a comprehensive restructuring strategy. The primary issues included the need to rehabilitate its affordable housing assets located in Louisiana and Pennsylvania, as well as the requirement to recapitalize its affordable housing properties. To address these challenges, White Case LLP provided tailored legal advice and support throughout the Chapter 11 proceedings. The restructuring plan aimed not only to manage the existing debt but also to secure financing that would facilitate the rehabilitation of the companys properties. Additionally, the plan included the establishment of a creditor recovery vehicle designed to pursue valuable claims against certain insiders and other parties, ultimately benefiting the companys unsecured creditors. The involvement of White Case, led by Financial Restructuring and Insolvency Partner Gregory Pesce, was crucial in navigating the complexities of the restructuring process. The firms strategic approach aimed to stabilize Crown Capital Holdings financial situation and position the company for future growth and recovery in the affordable housing sector.