Sidley Austin’s London-based international finance group restructured approximately €3.5 billion ($4.8 billion) of debt including around €1.13 billion of CMBS notes issued by Fleet Street Finance Two.

The transaction is the first CMBS securitization in Germany to be fundamentally restructured and is one of the largest and most complex restructurings in the German market. The principal reason for the restructuring was the sole underlying tenant, Karstadt, going into bankruptcy in Germany.

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