RusBankrot
We know everything about bankruptcy
24/11/2024
Sunday
THIS DAY IN HISTORY:
24 November 
1970 The United States and the USSR ratified the nuclear non-proliferation treaty.
1970 The Central Committee of CPSU restored the national autonomy of the Kalmyks, Karachais, Balkars, Chechens and Ingush.
1970 Charles Darwin published The Origin of Species - the first edition was sold out in a day.
24 November
1970 The United States and the USSR ratified the nuclear non-proliferation treaty.
1970 The Central Committee of CPSU restored the national autonomy of the Kalmyks, Karachais, Balkars, Chechens and Ingush.
1970 Charles Darwin published The Origin of Species - the first edition was sold out in a day.
The owner of two skyscrapers in the United States files for bankruptcy
PWM Property Management, which owns two skyscrapers in New York and Chicago, filed for bankruptcy. The firm filed a lawsuit in Delaware under Chapter 11 of the U.S. bankruptcy law. The company says the reason for the bankruptcy is the transition of employees to remote forms of work and the activities of the SL Green Realty corporation, which operated the real estate.
The 44-storey Park Avenue skyscraper and the 50-storey Chicago Loop office tower, which the owner considers to be very significant assets, are valued at $ 2.53 billion. The firm said it had $ 2.19 billion in outstanding liabilities. The company's largest creditors are the Cook County Treasury in Illinois and the New York City Treasury, to which the company owes $ 13.4 million and $ 9.9 million, respectively.
PWM is a subsidiary of the Chinese holding company HNA Group, which was one of the largest foreign owners of the US assets a couple of years ago. In 2017, the conglomerate paid $ 2.2 billion to acquire ownership of a building at 245 Park Avenue. A $ 1.2 billion loan for this was provided by the largest American banks (in particular, JP Morgan Chase Bank). At the same time, a building in Chicago was purchased at a cost of $ 359 million.
We should remind our readers that the Chinese holding company HNA Group has already tried to put both skyscrapers up for sale in 2018. Rising debt and political pressure from the company in China is forcing it to divest its assets in the United States.
The 44-storey Park Avenue skyscraper and the 50-storey Chicago Loop office tower, which the owner considers to be very significant assets, are valued at $ 2.53 billion. The firm said it had $ 2.19 billion in outstanding liabilities. The company's largest creditors are the Cook County Treasury in Illinois and the New York City Treasury, to which the company owes $ 13.4 million and $ 9.9 million, respectively.
PWM has filed bankruptcy claims against SL Green Realty because it could not find a worthy replacement for Major League Baseball (MLB) as the tenant of one of the buildings.
MLB announced the move of its headquarters from the skyscraper to Park Avenue five years ago. This allowed mortgage lenders to seize $ 19 million. PWM restructuring expert stated in the course of hearings that this could lead to long-term negative consequences for the company.PWM is a subsidiary of the Chinese holding company HNA Group, which was one of the largest foreign owners of the US assets a couple of years ago. In 2017, the conglomerate paid $ 2.2 billion to acquire ownership of a building at 245 Park Avenue. A $ 1.2 billion loan for this was provided by the largest American banks (in particular, JP Morgan Chase Bank). At the same time, a building in Chicago was purchased at a cost of $ 359 million.
The company's appeal to the bankruptcy protection procedure, according to experts, is an attempt to remove SL Green from management in the upcoming restructuring process.
SL Green’s property manager, in response to the allegations against her, said that the Chinese owners simply did not want to invest in real estate, while the management was carried out with dedication, diligence and honesty. The difficulty lies in the fact that SL Green is a large shareholder in the buildings. In 2018, the firm acquired a $ 148 million stake.We should remind our readers that the Chinese holding company HNA Group has already tried to put both skyscrapers up for sale in 2018. Rising debt and political pressure from the company in China is forcing it to divest its assets in the United States.
The day before, a court in the Celestial Empire approved a corporate restructuring of the holding, which allowed its creditors to continue selling assets.
The South China Morning Post notes that the HNA Group case is one of the largest bankruptcy cases in China, which could lead to the sale of assets for $ 40 billion. As we know, the holding owns Hainan Airlines, which is the largest private airline in China. 03.11.2021
