Greenspoon Marder Represents Client on Chapter 11 Filing

Mar 27, 2023

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.

About Greenspoon Marder

Greenspoon Marder LLP is a full-service law firm with over 240 attorneys and more than 20 office locations across the United States. With operations from Miami to New York and from Denver to Los Angeles, our firm attracts some of the nation’s top talent in key markets and innovation hubs. Our core practice areas include Real Estate, Litigation, and Transactional Services, complemented by the capabilities of a full-service firm. Greenspoon Marder has upheld a spot on The American Lawyer’s Am Law 200 as one of the top law firms in the U.S. since 2015, and our goal is to provide exceptional client service by developing a thorough understanding of each client’s business needs and objectives in order to provide strategic, cost-effective solutions.

MEDIA CONTACT

Natalie Villanueva, Director of Marketing
954.333.4308 | natalie.villanueva@gmlaw.com

This Greenspoon Marder LLP Client Alert is issued for informational purposes only and is not intended to be construed or used as general legal advice nor a solicitation of any type. Please contact the author(s) or your Greenspoon Marder LLP contact if you have any questions regarding the currency of this information. The hiring of a lawyer is an important decision. Before you decide, ask for written information about the lawyer’s legal qualifications and experience.

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