Not so sure it is "too much" loan to restructure. There are enough assets to secure the debt and the banks hardly want any more real estate on their books so doubt they want iStar to fail. They can't foreclose as iStar has yet to miss any payments. Kick the maturities farther down the lane and they collect more interest. If it fails in the end banks still get the security. No worse condition than where they are now.
This is why iStar hired Lazard last quarter. Lazard has the connections to get this deal done.
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