Milbank LLP is advising the Government of Bermuda in connection with the restructuring of a major real estate development project located at Morgan’s Point, Bermuda.

The Government of Bermuda is the lender of approximately US$160 million in connection with the development of Morgan’s Point, a major real estate property development in Bermuda. The transaction includes the planning and implementation of multiple legal actions initiated by the Government of Bermuda, including appointment of Provisional Liquidators requested by the Government of Bermuda and a parallel Chapter 15 filing in the United States. The Supreme Court of Bermuda appointed joint provisional liquidators in respect of the main borrower on 26 March 2020, and the US Bankruptcy Court for the Southern District of New York granted provisional relief in the Chapter 15 case on 27 March 2020.

The team is led by partners Paul Denaro (Global Capital Markets, New York), Yushan Ng and Sinjini Saha (Financial Restructuring, London) and Tyson Lomazow (Financial Restructuring, New York) and includes Andrew Leblanc (Financial Restructuring and Litigation, New York) and Erwin Dweck (Real Estate, New York). The team also comprises the following attorneys: Sarah Levin and Lynette Janssen (Financial Restructuring, London), Matthew Kusel (Global Capital Markets, New York) and Kamel Aitelaj (Litigation, New York).

Milbank LLP is acting together with Bermuda counsel Trott & Duncan.