Southern Cross Closure May Impact U.K. CMBS Deals

Commercial mortgage-backed securitizations with exposure to stricken U.K. care home operator Southern Cross Healthcare may need to depend on servicer advances to pay noteholders in the event of any income shortfall on the care home properties.

  • 11 Jul 2011

—Hugh Leask

Commercial mortgage-backed securitizations with exposure to stricken U.K. care home operator Southern Cross Healthcare may need to depend on servicer advances to pay noteholders in the event of any income shortfall on the care home properties.

Southern Cross officials said Monday morning the firm will cease operations, ...

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