The hobbled real estate and relocation services provider, even after getting downgraded, makes a consolidation play.
The plan allows for the loans to be restructured and for all undisputed creditor claims to be paid in full.
The three-year-old family-owned firm backed Buyers Protection Group's purchase of the Virginia-based title insurer's assets.
Company expects to emerge from bankruptcy in five months, banking a sale as its outlet.
Office buildings and commercial real estate are the likely next sources of problems, says Fitch.
As commercial real estate crumbles will landlords become buyers of retailers to stave off vacancies?
Hypo Real Estate was on the brink of bankruptcy, according to published reports, but the German bank was rescued by a consortium of its peers.
Red Lion Hotels and Elk Horn Coal Corp. hit the market, while select names in the retail space are struggling to find a buyer.
Taking stock of what dealmakers are looking at
Industry pros anticipate that in the next round of divestitures Zell will turn his attention to company's real estate.