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Lease Cancellations (June 18-July 4): MagnaChip Dropping Five U.S. Locations

Also This Week, Cost Cuttings from: Crescent Resources, ION Media Networks and R.H. Donnelley
July 1, 2009
Crescent Resources, a land management and real estate development company based in Charlotte, NC, with interests in 10 states in the Southeast and Southwest, and certain of its subsidiaries filed voluntary Chapter 11 petitions in the U.S. Bankruptcy Court in the Western District of Texas, Austin Division on June 10.

ION Media Networks Inc., the New York-based owner and operator of the ION Television network, filed for bankruptcy court protection May 19 and reached an accord with a group of holders of more than 60% of its first lien senior secured debt. The financial restructuring contemplates extinguishing more than $2.7 billion in debt and preferred stock and capitalizing the company with a $150 million new funding commitment.

MagnaChip Semiconductor Ltd. based in Seoul, South Korea, filed a voluntary petition for relief under Chapter 11 of the U.S. Bankruptcy Code on June 12. The filing follows MagnaChip's announcement that it had signed a definitive agreement with an investment group led by KTB Securities, a leading investment firm operating in Korea, to acquire MagnaChip and its operating and sales affiliates.

R.H. Donnelley, a leading consumer and business-to-business local commercial search companies based in Cary, NC, filed voluntary petitions for reorganization under Chapter 11 in the U.S. Bankruptcy Court for the District of Delaware. R.H. Donnelley reached an agreement with key creditor constituencies on the terms of a plan of reorganization that proposes to reduce debt by approximately $6.4 billion, eliminate approximately $500 million in annual interest expense and extend the company's bank maturities to 2014.
Company Address Landlord or Landlord Contact Comment
Crescent Resources Highland Park Place, 4514 Cole Ave., Suite 750, Dallas, TX RMC Highland Park Place LP vacated 2,951 SF monthly rent: $5,656
Ion Media Networks Inc. 2441 Production Drive, Suite 104, Indianapolis, IN 6606 East 75th Street Corp. Office lease
Ion Media Networks Inc. 14444 66th St. North, Tampa, FL Bay Tec Associates LLC (fka Koll Bren Fund VI, LP) Office/warehouse lease
Ion Media Networks Inc. 9401 Biscayne Blvd., Miami, FL Crescent Datran Center, LLC Office lease
Magnachip Semiconductor Finance Co. Pasadena Towers-Towers 1, 800 E. Colorado Blvd., Pasadena, CA Metrocities Mortgage, LLC Monthly rent: $13,913
Magnachip Semiconductor Finance Co. 2300 N. Barrington Road, Suite 472, Hoffman Estates, IL HP Suites LLC Monthly rent: $550
Magnachip Semiconductor Finance Co. Kruse Woods 1, 5285 Meadows Road, Suite 126, Oswego, OR Kruse Woods LLC, c/o Equity Office Monthly rent: $31,046
Magnachip Semiconductor Finance Co. 2300 N. Barrington Road, Suite 330, Hoffman Estates, IL NewTower Trust Company Multi-Employer Property Trust Monthly rent: $1,187
Magnachip Semiconductor Finance Co. 5201 Great America Pkwy, Suite 422, Santa Clara, CA Carr America Techmart LLC Monthly rent: $23,908
Dex Media, Inc. (R.H. Donnelley) 500 E. Fry Blvd., Suite L-6, Sierra Vista, AZ Haymore Plaza Associates Orig.exp. date: 2/28/2011
R.H. Donnelley (sublessor) (Subtenant: NCO Financial Systems Inc.) 140 Sprint Drive Highway 394, Blountville, TN James Development of Blountville Orig.exp. date: 2/29/2012
Dex Media, Inc. (R.H. Donnelley) 4001 Office Court Drive, Suite 705, Santa Fe, NM Office Court Development IV LLC Orig.exp. date: 11/30/2011


Download this story and all of the stories in the Watch List Newsletter here. The Adobe pdf version also includes all of this week’s leads of distressed properties and loans of concern, all of the local and national facility closures & layoffs, banks with distressed real estate portfolios and lists of loans approaching their maturity date. Plus the pdf version contains bonus news items not found in these columns or the CoStar Group web news pages.

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