Opera CMH workout in disarray as buyout is rejected

Class ‘C’ and ‘D’ noteholders have rejected a proposal to change the payment waterfall of the troubled Opera Finance (CMH) CMBS, scuppering Kennedy Wilson’s buy-out of the Irish portfolio backing the deal. Rather than leading to a quick enforcement, however, the failed vote opens the door to Northwood Investors’ last ditch restructuring proposal.

  • By Joseph McDevitt
  • 27 Jun 2013


The class ‘A’ and ‘B’ bondholders voted in favour of the resolution, which would have given them 100% and 96.5% recoveries. But the recoveries promised in the proposal for the class ‘C’ and ‘D’ noteholders, at 20.6% and 7.4% respectively, were not enough to persuade 75% of investors ...

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