Weeks after saying Hillwood would try to renegotiate their debt with German investors, Ross Perot Jr.'s high-profile (and formerly high-end) Victory Park is now in the hands of Hamburgers (as in, people who live in Hamburg, Germany.)
Hillwood will lose around $100 million as they cede control of ownership positions in multiple buildings to US Treuhand, the Hamburg-based investment group that provided the equity for Victory Park's development.
The restructuring allows Victory to stay out of bankruptcy -- at least for three years.
"We have arranged stable, legal and economic relationships for the next three years," US Treuhand chief executive Lothar Estein told The Financial Times of Germany.
But what then? Even the optimistic think Victory Park's brush with bankruptcy is a sign of the times.
What will change in the Park? Not much. Hillwood is still managing the space.