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Click here to find out moreJoin Eric Moser and Edward Smith, both partners at K&L Gates LLP, for this installment of our new series on real estate and financing hot topics in 2009. The program provides an overview of the treatment of commercial leases under the U.S. Bankruptcy Code and addresses some of the most common legal issues faced by both landlords and tenants. Topics include: (i) the impact of the automatic stay; (ii) the effect of prepetition lease termination; (iii) the obligation to pay postpetition rent; (iv) the debtor's ability to assume, reject, or assign an unexpired lease; (v) the consequences of rejection for both landlord and tenant; (vi) status of pre-petition security deposits; (vii) the enforcement of use restrictions; and (viii) statutory limitations on lease rejection claims. Also discussed are the implications of the increasing globalization of real estate and capital markets, which may require lenders to structure cross-border real estate security to meet their borrowers’ financing needs. The increasing number of borrowers wishing to raise financing via their real estate interests outside the U.S. has broadened the pool of available security, but also brings its own unique complications and challenges. Substantive laws as well as practices will always differ from jurisdiction to jurisdiction. The challenge for a lender is to identify and understand those before extending facilities that are secured by foreign real estate. In the second half of this program, our presenters consider some of the issues a prudent lender should identify and understand before extending facilities that are secured by foreign real estate in the U.K.
