High Court backs Class A noteholders in £850m Gemini CMBS case

Proceeds from the sale of assets in the heavily defaulted £850m Gemini CMBS should be classified as principal and not interest, the High Court in London has ruled. The decision means that under the deal’s contract only the Class A noteholders should receive payments from any asset sales. Had the court ruled sale proceeds as interest, then the junior noteholders, classes B to E, would also be eligible for payments.

To view this content, you need to sign in.

You should only be asked to sign in once. Not the case? Click here

Register now to access this content and more for free.

Share this