Farallon To Restructure Mobile-Home Debt In Danger Of Default

Jun 30 2010 | 12:11pm ET

Farallon Capital Management is restructuring a $1.5 billion securitized loan that one credit ratings agency said it in danger of “imminent default.”

American Residential Communities, the trailer-park operator that the San Francisco-based hedge fund bought three years ago, denied that the loan was in default, and said the loan’s placement with a special servicer was part of a restructuring.

ARC and Farallon, which paid $1.8 billion along with Helix Funds in 2007 for the company, are “being proactive with respect to the debt,” a spokeswoman for ARC told The Wall Street Journal.

Fitch Ratings cited KeyBank, which oversees the loan, in declaring its danger for default on Monday. Farallon put up three-quarters of the capital for the ARC deal.


In Depth

Q&A: Reg A+ Will Transform the Alternative Asset Landscape

Jul 7 2015 | 4:03pm ET

In addition to easing capital formation for small companies, Regulation A+ has enormous...

Lifestyle

Fiat Chrysler Files Paperwork For Ferrari IPO

Jul 23 2015 | 5:05pm ET

Italian sportscar maker Ferrari has taken a step closer to a stock market listing...

Guest Contributor

Lifting of Foreign Ownership Limits Signals Sea Change in Vietnam's Capital Markets

Jul 28 2015 | 3:01pm ET

The lifting of restrictions on foreign ownership limits in Vietnam later this year...

 

Editor's Note