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Reference no. CCW161701
Published by:
Columbia CaseWorks, Columbia Business School (2016)
55 pages
Data source:
Field research
In the spring of 2010, Jeff Patterson, CEO and president of Prime Group Realty Trust (PGRT), found his company in a dire situation. The equity in the company was 'toast,' the preferred shares had traded below 10 percent of their original value, and the debt on the company’s primary remaining asset 330 North Wabash was about to default. Enter investment partner Five Mile Capital. In this case, students are presented with the financials, floor plans and press release relating to the deal and asked to evaluate the associated strengths and opportunities of the deal.
Learning objectives:
1. Could distressed Prime Group Realty be saved when the debt on its primary remaining asset Chicago’s 330 Wabash Avenue was about to default.
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