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PeerStreet Files for Chapter 11 Bankruptcy Protection

July 03, 2023, 08:03 AM
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Peer Street and its affiliated companies (“PeerStreet”) announced that on Monday, June 26, 2023, they filed for protection under Chapter 11 of the United States Bankruptcy Code in the United States Bankruptcy Court for the District of Delaware. Founded in 2013, PeerStreet was a platform for online investing in real-estate debt that enabled accredited investors, funds, and institutions to access certain real estate-related debt investments that were historically difficult to invest in, and permitted lenders and borrowers to access capital that has been historically difficult for them to access.

Through its bankruptcy filing, PeerStreet will seek to sell substantially all of its assets, including, but not limited to, its mortgage loan assets and technology platform, in a series of transactions intended to maximize value for all of PeerStreet’s stakeholders. The bankruptcy case has been assigned to the Honorable Laurie Selber Silverstein and is expected to be jointly administered under case number 23-10815 (LSS). PeerStreet is advised by Young Conaway and Kramer Levin as its legal advisors, David Dunn of Province, Inc. as Chief Restructuring Officer and Piper Sandler Loan Strategies, LLC as broker.

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