In connection with bankruptcy filings, RAIT Financial Trust and three of its subsidiaries entered into a prepackaged equity and asset purchase agreement with CF RFP Holdings LLC, an entity owned by funds managed by affiliates of Fortress Investment Group LLC. Our firm represented the sellers in the transaction, under which the buyer agreed to purchase certain subsidiaries and assets of RAIT.
The transaction was subject to a sale process under Section 363 of the Bankruptcy Code, which did not result in any new buyers. The transaction closed on December 23, 2019 for a total purchase price of $172.8 million.
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