6/9/2010

Vornado Realty Trust would get a stake in LNR Property under Cerberus Capital Management's plan to restructure the company's debt, according to sources. In this scenario, some of the junior debt, much of which is held by Vornado, would be converted to equity. The restructuring could be finalized by the end of the month, giving Vornado a belated victory in its quest for an ownership stake in LNR. Vornado lost the bidding war for the company to Cerberus in 2004.

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