GFI Real Estate restructures USD86m of TASE-traded bonds
GFI Real Estate Limited is restructuring approximately USD 86 million of secured and unsecured bonds traded on the Tel Aviv Stock Exchange.
The British Virgin Islands-incorporated company owns and operates real estate assets across the US, including The Beekman and Hotel Seville NoMad in New York City. The restructuring addresses debt issued through the Israeli capital markets and secured in part by the company’s US property portfolio.
The matter reflects the continued use of the Israeli bond market by US real estate companies, as issuers and investors work through refinancing and restructuring situations involving cross-border assets and capital structures.
Chapman and Cutler is serving as US counsel to the indenture trustee in connection with the restructuring. The matter is being led by Michael Friedman, head of the firm’s Israel Practice.
