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American Hospitality Properties REIT and 14 affiliated subsidiaries filed Chapter 11 amid liquidity pressure, franchise defaults, litigation, and governance changes across an 11-hotel portfolio. The case highlights how separate property entities, non-debtor affiliates, guaranties, and independent governance can shape a hospitality restructuring.

Greystar’s inaugural CRE CLO, GSTAR 2026-FL1, is a $1.025 billion financing backed by 22 loans across 25 multifamily properties. SPE Specialists provided Independent Director services to several of the underlying SPEs.

WC Galleria Oaks Center's Chapter 11 is facing an early challenge after the U.S. Trustee moved to convert the case to Chapter 7 or dismiss it. The filing adds a new chapter to the Nate Paul and World Class Holdings foreclosure story.

The SIMAD and DAMIS restructurings are moving from portfolio-wide asset sales toward property-level financing and creditor-specific disputes. DAMIS has sought more than $13 million to preserve eight real estate assets, while SIMAD is challenging an approximately $18.7 million claim over which bankruptcy estate bears the lien.

WC Galleria Oaks Center, LLC, a World Class Holdings entity tied to Nate Paul, filed Chapter 11 on the day of a scheduled foreclosure. The case follows an earlier World Class filing involving the downtown Austin IHOP site and highlights how separate property-level SPEs can face similar distress while producing different restructuring outcomes.

PGR Lessee I and 18 affiliates filed Chapter 11 after a $30.2 million collateral order intensified broader financial pressure across a 17-project solar portfolio. The restructuring involves approximately $129.3 million of project-level secured debt and highlights how separate lender silos, tax-equity structures, and governance rights are shaping the bankruptcy process.

Casey Development’s bankruptcy is moving toward property-level resolutions, with Forum Capital taking a central role in the restructuring of Tacara at Steubing Heights. The case highlights how preferred equity, senior debt, and SPE governance rights can shape the outcome of a distressed real estate investment.

A $50 million winning bid for 6.9 acres near Miami International Airport now hinges on one date. Jorge Ramos has until September 10, 2026, to deliver $49 million — or forfeit a $1 million deposit and cede the site to a $23.4 million credit bid.

Independent directors and managers are not limited to commercial real estate. The same bankruptcy-remote governance structures appear in infrastructure, asset-backed securitizations, aviation, renewable energy, and receivables finance. This article explains where these requirements arise, what varies by asset class, and the key governance questions to consider.

CMBS and debt fund loans often require borrowers to operate through bankruptcy-remote special purpose entities, but the details can surprise sponsors unfamiliar with structured finance. This article explains the core SPE requirements, including separateness covenants, independent managers, springing members, non-consolidation opinions, and recycled entity considerations, along with the issues borrowers should address before signing a term sheet.

DAMIS Holdings LLC and 89 affiliated debtors filed a free-fall Chapter 11 covering roughly 55 properties across 23 states. On the petition date, two disinterested directors were seated, the owners were stripped of decision-making authority, and the court was asked to install a single signatory over 95 bank accounts. Governance installed at a filing can preserve value. Only governance installed at origination can decline the transaction. We examine the structure and the separa

If you have ever worked on a CMBS loan or debt fund loan above $20 million, you have seen the requirement buried in the term sheet: the borrower must be a bankruptcy-remote special purpose entity with at least one independent director. For lenders, that line is non-negotiable. For borrowers and sponsors, it is often the least understood condition in the entire loan document, because a stranger is being added to their entity and they are not always sure why. For the attorneys

SIMAD Holdings' summer camps sold for $368 million at auction, roughly 7 percent above their 2025 appraised values, bringing the reported liquidation total to $440 million. Assets that clear appraisal in a compressed distressed sale locate the failure somewhere other than the business. We examine what the auction results reveal about the capital stack, why the merchant cash advance claims are the next fight, and what entity-level governance would have surfaced earlier.

Strong SPE governance extends beyond organizational documents and closing requirements. It is demonstrated through disciplined entity management, documented approvals, corporate formalities, and consistent adherence to separateness covenants throughout the transaction lifecycle.

Economic downturns test more than property performance. They test whether a bankruptcy-remote structure can withstand financial pressure while preserving the independence of the special purpose entity (SPE). This article examines how market volatility increases scrutiny of governance, entity separateness, and strategic decision-making, and why experienced independent directors play a critical role in maintaining the integrity of bankruptcy-remote structures when they are need

Silver Star Properties REIT has filed for Chapter 11 protection for the second time in less than four years, extending a restructuring journey that began with the 2023 bankruptcy of its principal operating subsidiary, Hartman SPE LLC. This Bankruptcy Watch analysis examines how the company's efforts to reposition a 35-property Texas commercial real estate portfolio intersected with refinancing pressure, multiple loan defaults, and evolving capital structure challenges. It als

Bankruptcy-remote entities are designed to withstand uncertainty, but maintaining the continuity of the entity itself is often overlooked. This article explores why lenders prioritize entity continuity, how springing member provisions support that objective, and what it means for stronger SPE governance.

Previously, SPE Specialists examined the SIMAD Holdings Chapter 11 filings involving one of the nation's largest privately held summer camp operators. This Bankruptcy Watch update follows how that restructuring has expanded to include One Canal Place in New Orleans, demonstrating how platform-level financial distress can affect a performing office asset without disrupting day-to-day operations.

The Adelaide Pointe Chapter 11 cases have entered a new phase as developers, lenders, the court-appointed receiver, and regulators reached a proposed interim restructuring agreement. This Bankruptcy Watch update examines how governance, lender coordination, and project completion have become the focus of the restructuring. It also highlights how negotiated oversight can preserve value in complex real estate bankruptcies.

145 Navarro LLC's Chapter 11 restructuring has entered a new phase as the downtown San Antonio office-to-hotel conversion moves toward a court-supervised sale. This Bankruptcy Watch update examines how construction delays, lender enforcement, and adaptive reuse execution reshaped the project's trajectory.