Escher Marwick: 20-year notes’ interest not fully paid amid shortfall

By Caroline Salls

Pittsburgh, Aug. 16 – Escher Marwick plc announced Friday that interest payments due on May 13, 2018, Nov. 13, 2018 and May 13, 2019 on its 20-year 5˝% notes were not made in full and only partially paid.

Escher Marwick said the interest was not fully paid because of a shortfall in sums received in connection with assets held as security for the notes.

According to a news release, the company’s current assets consist of a minority interest in a number of corporate bonds. Escher Marwick said some of these bonds are being restructured following defaults and will either be refinanced or deferred to allow underlying assets to be commercialized.

Escher Marwick said Best Administration Services Ltd. is providing the company with information regarding the restructuring, and the issuer will continue to keep noteholders informed of developments.

A further update will be provided by Nov. 13, the release said.

The notes are listed on the Frankfurt Stock Exchange.

Escher Marwick is a specialist financial firm based in London.

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