Escher Marwick adds 5½% secured notes to coupon payment default list

Chicago, May 13 – Escher Marwick plc did not make the interest payment due on May 13 for its sterling-denominated 2016-6 secured 5½% notes due 2036 (ISIN: GB00BD0FRG07), according to an announcement.

The company has not made any of the semiannual interest payments since May 13, 2018.

The company says it is due payments and because these payments have not been received there are insufficient funds to pay interest on the notes.

The issuer’s current assets comprise a minority interest in a number of corporate bonds.

A number of those bonds are being restructured following defaults and will either be refinanced or deferred to allow underlying assets to be commercialized.

Noteholders will be kept informed of developments.

London-based Escher Marwick provides funds to the property and renewable energy sectors and export finance to the oil and gas sectors.

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