Milbank advising Bermuda on RE project restructuring

Milbank is advising the government of Bermuda in connection with the restructuring of a major real estate (RE) development project located at Morgan’s Point.

The government of Bermuda is the lender of approximately $160 million in connection with the development of Morgan’s Point, a major real estate property development in Bermuda.

The transaction includes the planning and implementation of multiple legal actions initiated by the Bermudan government, including the appointment of provisional liquidators requested by the government and a parallel Chapter 15 filing in the US.

The Supreme Court of Bermuda appointed joint provisional liquidators in respect of the main borrower in March, and the US Bankruptcy Court for the Southern District of New York granted provisional relief in the Chapter 15 case during the same month. 

Milbank’s team includes partners Sinjini Saha (pictured), of the firm’s London-based financial restructuring practice; Paul Denaro, of the New York global capital markets team; Yushan Ng and Tyson Lomazow of the New York financial restructuring practice, and Andrew Leblanc, of financial restructuring and litigation in New York, and Erwin Dweck, of the firm’s real estate practice, also in New York.

The team also comprised lawyers Sarah Levin and Lynette Janssen (financial restructuring, London), Matthew Kusel (global capital markets, New York), and Kamel Aitelaj (litigation, New York).

Milbank is acting together with Bermuda counsel Trott & Duncan.