BOSTON, MA, (BUSINESS WIRE)--Liquidation Trustee Services, LLC (“LTS”), a unit of Hilco Real Estate, LLC, has been appointed Trustee to coordinate and execute the orderly disposition of a portfolio of 61 mortgage and real estate-related assets located in Brooklyn, Queens and Long Island, New York, and held in trust for the benefit of Textron Financial Corporation, the lender to the originator of the portfolio. LTS, in concert with Hilco Managed Asset Resolutions, LLC, also a unit of Hilco Real Estate, will be responsible for maximizing the value recovered on the portfolio.
LTS Vice President, Michael Tsandilas, and Ben Spera, Managing Director of Hilco Managed Asset Resolutions, LLC, will coordinate the day to day activities of the engagement. Current plans call for a coordinated program of loan restructurings, foreclosure actions, workout negotiations and asset disposition sale processes.
Neil Aaronson (top right photo), CEO of Hilco Real Estate, commented, “Our platform of services is ideal for situations involving distressed asset workouts, loan restructuring and expedited real estate asset liquidations. We have a long history of deploying our resources to aggressively maximize value for our clients.” Ron Lubin (middle left photo) President of Liquidation Trustee Services, LLC said, “Dealing with troubled assets is in our DNA. Our team has a long track record of successfully resolving problem loans and maximizing asset value through disposition. We are very pleased to have been selected by Textron Financial Corporation to help reduce costs and maximize value.”
Barbara Gaulien, Vice President of Risk Management for Textron Financial Corporation, said, “We looked to Liquidation Trustee Services, LLC and Hilco because of their real estate-related disposition capabilities, particularly in bankruptcy scenarios. Their knowledge of the process and seasoned staff gives us great comfort that we will return the best possible result on this portfolio.”
Contacts
Hilco Liquidation Trustee Services, LLC
Ron Lubin, President
617-451-5041
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