The real estate sector continues to be impacted by retail store closings that have resulted in historically high vacancy rates at a time when commercial landlords are faced with a tightening capital environment. When financial difficulties arise and bankruptcy is the most viable solution, leasehold obligations are among the many issues that must be resolved.
Akerman has vast experience representing both landlords and tenants in resolving commercial leasing issues that arise in Chapter 7 or Chapter 11 bankruptcy filings. With a team that is "knowledgeable, thorough, rational, and pragmatic" (Chambers USA), we represent owners and managing agents of office buildings, shopping centers, and regional shopping malls in protecting their interests when one of their commercial tenants enters bankruptcy. Our lawyers work closely with clients to quickly enact a cost-effective, viable game plan—coordinating real estate, litigation, and bankruptcy efforts for maximum results. We also work with trustees, receivers, and lenders to handle all bankruptcy aspects of commercial tenancies.
In addition, we represent retail, restaurant, and hospitality tenants seeking to restructure their lease obligations. This includes pursuing remedies that allow our clients to restructure leasehold obligations or otherwise monetize and extract value from their leasehold portfolio that may not otherwise be available outside of a Chapter 11 process.