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E-MAC Program III falls short of quorum at noteholders' meeting
By Jennifer Chiou
New York, Dec. 22 - E-MAC Program III BV Compartment NL 2008-I said it will now hold a Jan. 19 meeting to allow noteholders to vote on the frequency of put option dates on six series of notes after failing to reach a quorum at a Dec. 20 gathering in Amsterdam.
The following series of notes are affected:
• €72.5 million of senior class A1 notes due 2048;
• €160 million of senior class A2 notes due 2048;
• €7.5 million of mezzanine class B notes due 2048;
• €3.9 million of junior class C notes due 2048;
• €6.1 million of subordinated class D notes due 2048; and
• €3.4 million of subordinated class E notes due 2048.
The company is also looking to pass an extraordinary resolution on the ambiguity of the definition of event of default, the termination of its issuer services agreement and, among other things, the auction of excess mortgage receivables.
As reported on Nov. 28, E-MAC Program II BV-Compartment NL 2008-IV and E-MAC Program III BV Compartment NL 2008-I warned they will not be able to pay the upcoming put option on their bonds.
Both issuers previously said that they lack the funds and do not expect to be able to find anyone willing to buy their mortgage receivables or provide a servicing advance loan before the put date. All the notes are putable on Jan. 25.
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