Coeur Défense creditors receive first sauvegarde payment
The creditors behind the Coeur Défense building in Paris, which include 12 classes of noteholders in the Windermere XII CMBS, have received their first instalment of interest payments under the borrower’s sauvegarde plan, marking the end of four years’ worth of legal appeals and counter-appeals.
Sauvegarde was introduced in 2005 as the French equivalent of US Chapter 11 and is designed to protect debtors before outright bankruptcy.
The noteholders received the first set of quarterly payments on April 5. The payment marks the culmination of a four year legal saga that started when Lehman
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