Cheyne loses fight to replace DECO 15 CMBS special servicer

Replacing the special servicer on the DECO 15 - Pan Europe 6 CMBS will require the approval of all noteholders by extraordinary resolution, the High Court in the UK has ruled. The decision is a serious setback to Cheyne Capital Management’s attempts to have the special servicer, Hatfield Philips, removed and replaced with Solutus Advisors.