October 16, 2017 Newport Beach, CA – Force 10 Partners, an advisory firm specializing in challenging business situations, including corporate restructurings, creditor/lender workouts, litigation support, expert testimony, distressed investment banking, and other special situations, announces the funding of a $18.6 million Debtor in Possession (DIP) loan and the appointment of Michael VanderLey as CRO of Debtor-in-Possession, XS Ranch Fund VI, L.P.
XS Ranch is an approximately 8,700-acre master-planned residential project in Bastrop, TX, entitled for 10,000 residential lots and 500,000 sq ft of commercial space. XS Ranch was placed into an involuntary Chapter 7 Bankruptcy proceeding in the Northern District of California in December 2016. Force 10 was retained by the estate in May 2017 to map out a strategy to create value for creditors and equity holders. The case was converted to a voluntary Chapter 11 as of June 2017.
Michael VanderLey is a Partner at Force 10. Michael is a career real estate and capital markets professional with an extensive background originating and asset-managing real estate equity and debt investments, plus over 15 years of advisory and consulting experience. He works with public and private sponsors, operators, investors, and real estate dependent operating companies with respect to asset and portfolio-level transactions, debt and equity financings, restructurings, and business combinations including joint ventures and M&A, and on strategic issues affecting enterprise value.
Over the course of his 30+ year career, Michael has led transactions involving every major real estate asset class and has originated, acquired, advised on, or managed investment positions at every level of the capital structure and across the return spectrum from core to opportunistic. He has extensive special situations experience, having represented debtors, secured creditors, creditors’ committees and equity interests in connection with numerous restructurings and Chapter 11 cases – including leading and advising on financing and sale processes totaling over $5 Billion. In addition, Michael has served as testifying expert or consultant-to-counsel on engagements involving Chapter 11 interest rate and plan feasibility matters, leasehold valuation and damages, partnership disputes, underwriting procedures, loan servicing and administration, and real estate capital markets conditions.
Prior to Force 10, Michael was a Senior Managing Director at FTI Consulting where, as part of the Corporate Finance segment and member of the Real Estate Solutions group, he led the Real Estate Capital Markets practice within FTI Capital Advisors, LLC, an investment banking subsidiary of FTI. Michael joined the firm as a Managing Director in 2009.
Force 10 partners have completed over 100 engagements. Force 10’s recent Chapter 11 success includes the Chapter 11 confirmations of AirFastTickets, Inc., and Turnberry/MGM Grand Towers. Other recent engagements include Freedom Communications (the Orange County Register), Bacchus Development, Breckenridge Food Systems/StarRibs, Crystal Cathedral Ministries, and Walldesign, Inc. Force 10 is currently representing numerous debtors and creditors.
Force 10 Partners, LLC, is based in Newport Beach, California. The advisory firm has deep domain knowledge in financial and operational corporate restructuring, valuation, forensic accounting, complex litigation support, and computations involved in court proceedings and dispute resolution. Force 10 serves middle-market companies as well as their creditors, stakeholders, and professionals, in roles including financial advisor, interim manager, fiduciary services, expert witness, financier, and M&A advisor.
Force 10 Partners, LLC
20341 SW Birch Street
Newport Beach, CA 92660