PUIG Development Group
We were appointed chief restructuring officer (CRO) for PUIG Development Group. PUIG was a south Florida real estate company, primarily involved in condo conversion projects. We were retained as CRO prior to chapter 11 filing and essentially took over all decision making for the company.
PUIG owned or controlled approximately 25 LLC’s with a significant number of bank and mezzanine lenders.
When we became involved, there was in excess of $300 million of debt and 27 active projects. Our role included reducing overheads, preparing a plan of reorganization, facilitating relations and exchange of information between banks, owners
and investors, and ultimately implementing and executing a plan or reorganization and liquidation for the company.