Unity of New York Completes Successful Out-of-Court Restructuring

Unity of New York, a not-for-profit religious organization that had purchased a large business condo unit to conduct various programs, completed a successful out-of-court restructuring of all funded obligations. Richard Bernard represented Unity of New York, which defaulted on the mortgage and maintenance fees related to the condo. Through negotiations with the bank and the building owner for forbearance to run a process to sell the property and repay the funded debt, Unity of New York was able to satisfy all funded obligations, including subordinate debt contributed by church members, and also made a small profit.