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Galbreath Co. completes financial restructuring.

Galbreath Co. completes financial restructuring

The Galbreath Company announced it has completed the financial restructuring of its various companies and interests.

According to Daniel M. Galbreath, chairman and chief executive officer of the Columbus and New York City-based national real estate firm, the plan is a consensual global restructuring among the company's lenders, creditors and partners.

The restructuring result in a substantial reduction of the company's approximate $750 million debt. Corporate, partnership and personal guarantees were settled through sales, refinancing and deeded transactions.

"This restructuring agreement could not have been accomplished without the cooperation of our lenders, creditors and partners," said Galbreath. "We can pursue our core activities - leasing property management and fee development - without the burden of debt and with significant ongoing cash flow from our operating companies. That's a real competing advantage in today's environment, when most real estate firms are just beginning to sort through their problems."

"Bank One and The Galbreath have enjoyed a long relationship, and we are pleased that an agreement has been reached that is satisfactory to both of us," said Banc One Corporation Chairman and Chief Executive Officer John S. McCoy. "We look forward to continuing our relationship with Dan and The Galbreath Company well into the future."

Bob Sind and Susan Storey of Recovery Management Corporation and John Herbert of Victor Capital Group, all of New York City, served as advisers to The Galbreath Company in the restructuring.

The Galbreath Company is a privately owned, full-service national real estate firm. Currently leasing and managing nearly 50 million square feet of commercial and office space, the Galbreath companies have developed major corporate buildings nationwide, including headquarters for Goldman Sacks, Banc One, USX, Swiss Bank and Mobil.
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Publication:Real Estate Weekly
Article Type:Brief Article
Date:Jan 22, 1992
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