Customers will be able to spread missed payments over the life of the loan, restructure the loan and accept gift payments, Mr. Advani said.
The club's lenders, which include Allied Irish Bank, Cardiff Council and former chairman Paul Russell, have agreed to a loan restructure.
The memo justified the loan restructuring, including the "subordination" of the government's interest.
First, systematic loan restructuring is the most orderly way to approach the problem.
For example, CircleLending, based in Boston, services loans for $9 a month, which includes levying late-payment penalties and arranging for loan restructuring for delinquent borrowers.
Assume it is similar to their commercial peers and reclassify all these property purchases as bad loans, and then the non-performing loan ratio would be 5.7% (before any further adjustments for loan restructuring).
Mr. Chu, who had announced the original Solyndra loan 18 months earlier with great fanfare, signed off on the loan restructuring, officials said, in hopes of staving off the company's collapse.
Attempts to get the loan restructured began well before the loan was transferred to the special servicer, said Mr. Kushner, who is also the publisher of The New York Observer.
At the time, rather than wait for M&A deals to return, he decided to build expertise in loan restructuring, to win business advising the many firms that were struggling with their debts.
An article in the Square Feet pages on Wednesday about a loan restructuring for 666 Fifth Avenue, an office building owned by the Kushner Companies, referred imprecisely to the building's place in Kushner's portfolio.
At the same time that the Khodorkovsky camp was negotiating loan restructuring terms with West Merchant and Daiwa, it announced pending share offerings in Yukos and its subsidiaries that would have diluted Daiwa's and West Merchant's 29% stake to insignificance.
