Cerberus Capital Management Renames Real Estate Investment Affiliate

Cerberus Capital Management Renames Real Estate Investment Affiliate

June 11, 2007

Blackacre Institutional Capital Management, LLC To Be Known
As Cerberus Real Estate Capital Management, LLC

    NEW YORK, June 11 /Xinhua-PRNewswire/ -- Cerberus
Capital Management, L.P., one of the world's leading
private investment firms specializing in transforming
undervalued companies into industry leaders for long-term
success and value creation, today announced that the name
of its real estate investment affiliate has changed to
Cerberus Real Estate Capital Management, LLC.

    Formerly known as Blackacre Institutional Capital
Management, Cerberus Real Estate Capital Management, LLC,
is an industry leader in providing customized debt, equity
and hybrid capital solutions for complex real estate and
real estate-related assets and business opportunities. The
name change symbolizes the goal to directly identify the
real estate investment affiliate with Cerberus Capital
Management.  

    "At Cerberus, we focus on long-term investment
opportunities where we can truly partner with corporate
management teams and help them fully realize their
potential by providing both financial resources and
operational expertise.  Changing the name of our real
estate investment affiliate to Cerberus Real Estate Capital
Management is meant to further communicate our commitment to
real estate," said Mark Neporent, Cerberus' Chief
Operating Officer and Senior Managing Director.  

    Ron Kravit, Managing Principal of Cerberus Real Estate
Capital Management, LLC, added, "For the past 12
years, we have delivered a range of customized capital
solutions for a variety of real estate business
opportunities.  During this time, we have routinely
partnered with Cerberus. Moving forward as Cerberus Real
Estate Capital Management, LLC, we will maintain our
solution-focused culture and continue to draw upon
Cerberus' comprehensive, global expertise, resources and
ability to create specific debt, equity and hybrid
financing approaches that help sophisticated owners and
borrowers achieve their strategic business goals,
capitalize on market opportunities and create value." 


    About Cerberus Real Estate Capital Management, LLC

    Cerberus Real Estate Capital Management, LLC is an
industry leader in delivering innovative, customized
solutions for the capital needs of real estate
professionals and owners of complex real estate and real
estate-related assets.  Offering a variety of debt, equity
and hybrid financing options that provide owners capital
across all levels of an organization's capital structure,
Cerberus Real Estate Capital Management draws upon its
comprehensive, global expertise and resources to help
sophisticated owners and borrowers achieve their strategic
business goals, capitalize on market opportunities and
create value.

    About Cerberus 

    Established in 1992, Cerberus Capital Management, L.P.
is one of the world's leading private investment firms.
Cerberus specializes in providing both financial resources
and operational expertise to help transform undervalued
companies into industry leaders for long-term success and
value creation.  Cerberus is headquartered in New York
City, with affiliate and/or advisory offices in Atlanta,
Chicago, Los Angeles, London, Baarn, Frankfurt, Tokyo,
Osaka and Taipei. More information on Cerberus can be found
at http://www.cerberuscapital.com .


    For more information, please contact: 

     Sergio H. Morales
     Weber Shandwick
     Tel:   [phone]
     Email: [e-mail]
     Web:   http://www.cerberuscapital.com