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• Restructuring

RESTRUCTURING UPDATE

Since filing for Chapter 11 reorganization in the United States Bankruptcy Court on December 13, 2009, Fairfield Residential LLC and certain of its subsidiaries have continued to work through the process. Key milestones include the following:

• On January 11, 2010, Fairfield filed an amended Plan of Reorganization. The following day, Fairfield announced that, pending Court approval and a subsequent marketing process, it had secured an aggregate $115 million in new money investment from Och-Ziff Real Estate and CalSTRS. The investments would support operations and future real estate acquisitions following the Company’s emergence from Chapter 11 protection. The financing is still subject to approval in the United States Bankruptcy Court for the District of Delaware and a subsequent marketing process.
• On December 23, the Trustee of the U.S. Bankruptcy Court for the District of Delaware appointed members to the official committee of unsecured creditors to complete negotiation of Fairfield’s Plan of Reorganization.
• On December 15, the court granted a variety of First Day Motions that enable Fairfield to continue to conduct its business operations in the ordinary course. Included among these motions were authorizations to continue paying employee wages, benefits and business expenses; payment of certain pre-petition taxes; and maintaining existing cash management systems.

Through the proposed Plan of Reorganization, Fairfield expects to emerge from the reorganization process and maximize value for all stakeholders by creating a stronger go-forward operating platform and continuing to be an active player in the multifamily sector. Meanwhile, the Company expects that Chapter 11 protection will allow it to continue business in the ordinary course.

The Company will use this site to communicate with stakeholders through the reorganization. Please click on the links below for additional information about Fairfield’s Chapter 11 filings and to get more information in general about the Chapter 11 process:

• Fairfield Secures $115 Million in New Money Investments, Jan. 12, 2010 pdf
• U.S. Bankruptcy Court Trustee Appoints Members to Committee of Unsecured Creditors, Dec. 23, 2009 pdf
• Fairfield Residential and Certain Subsidiaries File for Chapter 11 Protection, Dec. 13, 2009 pdf
• Frequently Asked Questions pdf
• Glossary of Terms pdf
• Latest Legal Filings kccllc.net/fairfield

For more information: kccllc.net/fairfield Media Contact: Leigh Parrish, 858-626-8286