NEWS

Paul Hastings Advises Related Companies in the Acquisition, Consolidation, and Recapitalization of Showroom Assets Valued at $1 Billion

May 10, 2011

New York, NY (May 10, 2011) - Paul, Hastings, Janofsky & Walker LLP, a leading global law firm, announced today that the firm advised real estate firm Related Companies in connection with the acquisition, consolidation, and recapitalization of a portfolio of showroom assets in High Point, NC and Las Vegas, NV valued at $1 billion. Through a series of transactions, all assets in the portfolio have been recapitalized with significant equity investments by International Market Centers, L.P. (IMC), the largest operator of premier showroom space for the furnishings, home decor, and gift industries.

IMC is majority owned by funds managed by Bain Capital Partners and a subsidiary of certain investment funds managed by Oaktree Capital Management, L.P., Related Companies, and Bassett Furniture Industries (NASDAQ: BSET) with affiliates of Network World Market Center as investors also in IMC.

Corporate partner Thomas Kruger led the Paul Hastings team, which included Bruce DePaola, Randy Merkelson, and Susan Wade.

Paul, Hastings, Janofsky & Walker is a leading global law firm with offices in Asia, Europe, and the United States. We provide innovative legal solutions to financial institutions and Fortune 500 companies.