Since 2019, Kirkland has advised the New York Taxi Workers Alliance, pro bono, in their negotiations to restructure taxi medallion loans to comport with a realistic current market value of the medallions.
The individual medallion owner-drivers in New York City are a largely immigrant community, many of whom were indebted to their lenders in amounts exceeding $500,000 for the purchase of medallions the values of which have decreased significantly over the past decade. Last week, with Kirkland’s assistance, the Alliance struck a deal with the largest holder of taxi loans in the city to restructure the loans and reduce the principal owed by each driver to $170,000.
The deal was supported by the City of New York, which agreed to backstop the loans and provide a guarantee in the event of defaults of the restructured loans. This outcome gives the owner-drivers a manageable monthly loan payment, and allows them to stay on the road and earn a living wage.
The team was led by restructuring partners Susan Golden and Chris Marcus and associate Prentis Robinson.