Overview
- Bloomberg reports Hackman suspended debt talks and is expected to surrender the deed, with Goldman Sachs leading the lender group.
- Cash flow deteriorated as revenue covered about 21% of debt service by June 2024, and Hackman stopped payments after the loan matured in June 2025.
- Occupancy was about 63% in mid-2025, with roughly 36% of leases set to expire by August 2026, pressuring near-term income.
- Hackman and partner Affinius bought the campus for $1.85 billion in 2021 and announced roughly $1 billion in upgrades, including additional soundstages.
- Hackman says it is working with lenders and highlights a strong balance sheet and global footprint, while an affiliate, MBS Group, was blamed in an investor letter for complicating a workout.