Taking its cue from the previous cycle of distress, Deloitte puttogether "a team with multiple capabilities and functionalities,"Langford says. "You have borrowers who might be looking torestructure, extend or renegotiate their debt, lenders with largepools of assets that they either want to manage or evaluate otheralternatives and investors who are interested in different types ofdistressed assets. We work across that spectrum, and with thevarious government agencies, as well. I look at it as a fairlybroad suite of competencies that we can bring to differentconstituents in the market."

Based in New York City, Langford now leads a cross-disciplinarynational practice that has grown to more than 60 partners,principals and directors over the last 12 months. They includeseveral strategic external hires with competencies and experiencein debt advisory, rating agencies, debt origination andunderwriting, workout and restructuring, as well as capital marketsand investment banking experience.

Because several members of the expanded Deloitte team were onthe job in the days of the Resolution Trust Corp., "we have a lotof skill sets that are being leveraged in the current cycle,"Langford says. He adds that many of those capabilities are beingdeployed into "government-related projects, or alternatively, a lotof work right now is with the lending community."

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Paul Bubny

Paul Bubny is managing editor of Real Estate Forum and GlobeSt.com. He has been reporting on business since 1988 and on commercial real estate since 2007. He is based at ALM Real Estate Media Group's offices in New York City.