Hatfield Philips wins fight to enforce Treveria Orange loan

AIM-listed Treveria’s attempt to thwart special servicer Hatfield Philips’ enforcement of a €370m loan has failed.

Hatfield Philips declined to grant Treveria a second 12-month extension after the Orange loan in the Talisman-6 Finance CMBS matured on 15 October.

The German retail investor applied for debtor in possession proceedings to block any enforcement measures, but this was rejected.

A single administrator has  been appointed to the 154-strong German retail portfolio on behalf of the special servicer to co-ordinate an asset management and sales process.

A consensual work-out was earlier turned down because Treveria had not hit sales targets, declined to inject fresh equity and requested fees to cooperate.

Treveria has been battling for four years to cut its debt and had divided its portfolio into ‘silos’ according to the debt secured against them.