Hudson 888: Herrick Attorneys Comment on Refinancing
Herrick partners, Robert D. Gordon and Christina Ying, spoke with the Troubled Company Reporter about the successful reorganization of The Bloom on 45th (a mixed-use development in Hell’s Kitchen) for their clients Hudson 888 Owner LLC, Hudson 888 Holdco LLC and parent XIN Development International Inc (together as “Hudson”).
The article highlights how on December 6, 2024, Hudson completed a transaction to pay off the remaining secured claims in the Hudson 888 chapter 11 cases for approximately $48 million. This transaction represents the successful culmination of the Hudson 888 entities' reorganization around the retail portion, The Bloom.
"This represents a very positive result for our clients in this matter, retaining an important piece of The Bloom on 45th development and enabling them to devote their energies more fully to their various development strategies. XIN Development and its affiliated entities are excellent developers and operators, and throughout the restructuring process, they managed and maintained the value of this beautiful property that they developed and earned this victory. CEO of XIN Development, Mr. Sheng Zhang, and his team deserve the credit," noted Christina and Robert.
Read the December 12, 2024, edition of the Troubled Company Reporter here.