European CLO manager gains replacement mandate

Dublin-based Avoca Capital has taken over as replacement manager on a European CLO. The deal, Clio European CLO, is in receivership following Lehman Brothers’ bankruptcy. Lehman acted as both arranger of the deal and swap counterparty, as well as serving as the portfolio servicer – as the management role was labelled. Avoca took on that role at the request of the receiver, Deloitte, from 17 June, according to a regulatory announcement. Broadchalk Advisors advised Avoca on the transaction, according to the statement.