IStar seeks debt exchange in bid to avoid bankruptcy filing

TRD New York /
Nov.November 11, 2010 09:30 AM

From left: One Madison Park, Trump Soho, William Beaver House, iStar chairman and CEO Jay Sugarman
 

IStar, the troubled lender that has some of the city’s most high-profile condominium projects in its portfolio, including One Madison Park, William Beaver House and Trump Soho, is negotiating with creditors to exchange debt and set up new financing, according to Bloomberg News. Istar, which is hoping to avoid bankruptcy, is in talks with Franklin Resources and Centerbridge Capital Partners, among other lenders, sources say. The lender is hoping to set up as much as $2 billion in financing. Despite Fitch Ratings’ recent dire warnings regarding iStar’s fiscal health, Michael Kim, an analyst with CRT Capital Group, said that the company is becoming more attractive to potential lenders. “The fundamentals of iStar’s business appear to have improved,” Kim said. “Clearly there is more work to be done given the level of troubled assets in the portfolio, but the strength in the credit markets may allow the company to find a workable refinancing.” [Bloomberg]

 

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