Los Angeles – March 27, 2023 – Greenspoon Marder recently represented the owner of a 50-acre parcel which overlooks the Pacific Ocean in Redondo Beach, Cal. A Chapter 11 case led by partner Victor Sahn was filed by the firm when the owner could not resolve a dispute with The AES Corporation (revenues of $12.6 billion in 2022) subsidiary AES-Redondo Beach, LLC, the present operator of a power plan facility on the Property that is itself very unpopular with local Redondo Beach residents. The Property is presently worth more than $100 million and has indebtedness to AES-Redondo Beach of approximately $19 million.
In 2022, the Property owner filed an application with the City of Redondo Beach mixed-used project that would include building 2,700 apartments on the site. The property is one of the prime real estate parcels in Southern California and is located across the street from the beach in Redondo Beach, CA, one of the most affluent communities in the state where average or median home prices are $1.3 million.
Greenspoon Marder’s Bankruptcy & Reorganization attorneys have represented parties on all sides of business bankruptcies and corporate restructurings. Our attorneys have extensive experience developing, negotiating, and confirming plans of reorganization on behalf of debtors, creditors’ committees, trustees, purchasers, and other plan proponents. Our firm also represents these parties and all major constituencies in financing, sales, avoidance action and claims litigation, and bankruptcy appeals, as well as contract and lease assumption, assignment, and rejection. Our lawyers are experienced in protecting the rights and maximizing the claim value of secured and unsecured creditors in Chapter 11 cases. Chapter 11 offers an opportunity for companies to reset their balance sheets, renegotiate financial obligations, and emerge on a going concern basis. Our lawyers also successfully utilize Chapter 11 to implement sale procedures and consummate sales and acquisitions.
