Manager plans talks to resolve CLO drafting problem
A European CLO manager has told holders of several of its deals that it will shortly hold a series of investor calls to try to resolve a drafting problem
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The earlier article mentioned that the Trustee was taking advice from its lawyers on this matter. Does the fact that this has now gone to court imply that one of the investor's has challenged the trustee's decision?
The original version of this article contained an error in the second paragraph - see comment below. It is the trustee and not the manager which has called for noteholder representatives to come forward.
The Trustee (not the Manager as the article suggests) had asked for representatives of both the senior and junior classes of noteholder to come forward. A senior noteholder came forward but no junior class noteholder came forward. The Manager's position is that they want this resolved in the best interests of noteholders generally.
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Comment by: Anonymous. Posted 14 years ago [2010-03-15 22:14:16]