Greencoat Investment, a vehicle associated with Rizwan Hussain's attempts to take control of a pre-crisis CMBS, was dealt a blow this week when a court rejected its application to put the deal into administration. The move, for now, puts paid to efforts to persuade bondholders to tender their holdings.
Greencoat’s application for an administration order was struck out of court because it did not transfer £350,000 into the Court Funds Office to compensate the issuer. The deal was originated by Commercial First.
Greencoat had, on April 10, lodged an application for an administration order in the