Opera CMH workout in disarray as buyout is rejected

By Joseph McDevitt
27 Jun 2013

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.


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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