Savills has formed a distressed property team at its New York office aimed at advising property companies and their lenders on how to improve their liquidity.
The team, to be led by the firm’s US CEO John Lyons, executive managing director Jeffrey Baker, senior vice president Fredric Leffel and senior vice president John Wilcox, will work closely with its global advisory division in London.
It aims to provide advice on multi-jurisdictional and cross-border ‘workout and bankruptcy assignments’ throughout Europe, the Middle East, Australia and Asia in addition to the US.
It will provide services including credit and debt advice as well as restructuring advice, advice on complex loan structures and recapitalisations.
Lyons said: ‘There is definitely going to be work that comes through the government as well as borrowers and owners of real estate who need help working out their issues.’