Lead Bankruptcy Counsel in Las Vegas Hotel Chapter 11

Fountainebleau Las Vegas Holdings, LLC and affiliates

Debtors' counsel to Fontainebleau Las Vegas Holdings, LLC, and two of its affiliates in their chapter 11 cases in the Southern District of Florida. The debtors had over $2 billion of funded debt, had used $500 million of equity, and were prosecuting claims for $800 million in unpaid additional financing. Until it ceased construction, the Fontainebleau debtors were actively developing the "Fontainebleau Las Vegas," a signature "Tier A" casino hotel resort. We handled cash collateral negotiations, created a process for the numerous outstanding mechanic's lien claims, resolved litigation against certain lenders, and prepared and implemented an exit strategy. With Court approval, we conducted a "363" sale of the hotel to the highest bidder. A stalking-horse auction ensued in open court between a publicly traded casino company and Carl Icahn, with Mr. Icahn ultimately being chosen as the successful bidder. In January 2010, Mr. Icahn closed on the sale of the hotel.

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Jeffrey I. Snyder
Partner & General Counsel
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Experience
Representation of B piece and special servicer clients, handling in excess of $130billion in 2.0 CMBSsecuritizations.
Experience
Handled billions of dollars in distressed debt related to modifications, extensions, forbearances, discounted payoffs, and deeds in lieu of foreclosure.
Experience
Oversaw the servicing of over $6 billion worth of hotel loans involving sales and loan assumptions, restructurings, mergers, deeds-in-lieu of foreclosure, forbearances and other workouts, changes in franchises/ flags, operating/ master lease issues, private equity takeovers, changes in management, e...
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