Opera Workout Takes Another Twist As Kennedy Wilson Offer Is Rejected

27 Jun 2013

Class C and D noteholders have rejected a proposal to change the payment waterfall of the troubled Opera Finance (CMH) commercial mortgage-backed securities deal, 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’s last ditch restructuring proposal.

Class C and D noteholders have rejected a proposal to change the payment waterfall of the troubled Opera Finance (CMH) commercial mortgage-backed securities deal, scuppering Kennedy Wilson’s buy-out of the Irish portfolio backing the deal. Rather than leading to a quick enforcement, however, the failed vote ...

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