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Dec. 23 (Bloomberg) — Harvey Miller, lead bankruptcy lawyer for Lehman Brothers Holdings Inc., says real estate bankruptcies may rise as lenders find they can no longer delay taking losses on their loans.
Miller, 76, a partner of Weil Gotshal & Manges LLP of New York, told Bloomberg Radio today that financial institutions are holding “huge amounts of real estate debt” while the owners of properties are breaching loan covenants. In the past four months, entities heading for bankruptcy have been given extensions by lenders who have been reluctant to write down their loans, he said.
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