Saturday, 21st November 2009

 

14 May 2009 - Press Briefing

Goldman real estate funds in debt restructuring talks

Whitehall, one of Goldman Sachs’ top property vehicles, is in talks with its creditors to restructure debt on some of its largest investments, including Nevada casinos, German office buildings and a US hotel chain, according to a report in The Wall Street Journal.

The Wall Street bank, which has raised $31bn (€22.6bn) for various Whitehall funds since 1991, is one of the main lenders on those deals, thus giving rise to potential conflicts of interest. Under a proposed recapitalisation plan, Goldman’s mortgage unit will waive the Whitehall fund $593m of the $1.1bn in debt and also free it from the $200m in recourse debt - in return for a 22% non-controlling equity interest in the investment.

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