Qualis wins release of Akerys’ collateral
Qualis, the French investment group, has received supermajority approvals on the tender and consent offers it is making for both the bonds of its subsidiary Akerys, the distressed residential property developer. Original investors stand to lose most of their principal.
Akeryss original 300m floating rate note, issued in 2007, defaulted in 2009 when the company failed to pay a coupon. Rated Ba3/BB- at launch, it was lead managed by BNP Paribas, Calyon and Société Générale, according to Dealogic. Akerys had corporate family ratings of Ba2/BB.
In a restructuring in
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