Fighting begins over AIB subordinated debt court ruling

28 Apr 2011

Wrangling over the Irish High Court’s ruling to change the terms of Allied Irish Banks’ subordinated securities has begun, with a legal challenge filed and ISDA being asked this week to consider whether a restructuring event has taken place.

The court handed down a Subordinated Liabilities Order (SLO) on April 14, which changed the terms of 18 of AIB’s subordinated securities, extending maturity dates and making coupon servicing discretionary.

Two subordinated bondholders took advantage of a short window to file challenges to the order, while ISDA was ...

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