Restructuring Splits Portman Operations Into Two New Companies
ATLANTA (AP) _ The remains of developer-architect John C. Portman Jr.’s once-vast operations and holdings have been divided into two new companies as part of the second major restructuring of his huge debts.
``This is a whole new beginning,″ said Portman, who was pushed to the brink of bankruptcy in 1991 when his debt reached about $2 billion.
One of the new companies is to be called AMC Inc. It will own and operate Portman’s Atlanta trade marts, where wholesalers exhibit their wares to retailers, and is 82.5 percent owned by creditors. Portman, who owns 17.5 percent, will continue to run the trade mart operation.
The other new company is called Portman Holdings, which is owned by Portman family members and affiliates. It will own Portman’s interest in One Peachtree Center, a downtown Atlanta skyscraper whose construction was a key contributor to his debt problems, as well as minority stakes in properties in Atlanta, New York, San Francisco and China.
The last of 31 financial institutions involved in Portman’s complex restructuring signed off on the latest deal last week, Portman said Monday. Negotiations had been going on for more than a year.
The 70-year-old Portman, known for his pioneering atrium designs, gave up control of several of his Atlanta properties during the first restructuring. He has since given up ownership in projects he developed around the world, leaving his Atlanta trade mart complex as his main operation.