Kleros Preferred Funding defaults on class A-1, class A-2 notes

By Sheri Kasprzak

New York, April 13 – Kleros Preferred Funding, Ltd. has defaulted on its class A-1 and class A-2 notes, the company’s trustee Wells Fargo Bank, NA reported in a statement to noteholders Wednesday.

“On April 6, 2016, there was a default in the payment of the accrued interest on the class A-1 note and class A-2 note, which continued for a period of three business days, which resulted in an event of default,” said the notice from Wells Fargo.

“We bring to your attention that there are zero collateral debt securities remaining, provided that an amount has been reserved for payment of expenses or to settle any other residual matters. The residual funds will be distributed by the trustee on a later date fixed by the trustee.”

Based in Philadelphia, Kleros is a structured finance company.

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