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Omnia Bonds II indicates no further payments for 2022, 2023 notes
By William Gullotti
Buffalo, N.Y., Jan. 10 – Omnia Bonds II plc indicated that holders of its €250 million series 2017-F1 7¼% secured notes due 2022 (ISIN: GB00BF1SSQ94) and €250 million series 2018-F2 6½% secured notes due 2023 (ISIN: GB00BFM7CV87) are unlikely to receive any further payments for either series, according a Wednesday notice.
As previously reported, an event of default was declared for each series prior to Sept. 25, 2023 due to repeated failure by Omnia to make interest payments. Noteholder meetings scheduled to consider extraordinary resolutions were adjourned and postponed repeatedly due to lack of quorum.
According to the notice, no noteholders attended the meetings. The meetings have since been dissolved, and due to the lack of instructions from noteholders, the trustee was unable to fulfill its role and subsequently gave written notice of resignation to Omnia on Dec. 21. The company further indicated that it was unlikely to be able to find a replacement trustee, as it lacks the funds to appoint one.
Reporting that it has no funds to make any payments for either series, Omnia stated that no further payments are likely to be received by noteholders. The company further said that it was in the best interest of noteholders to terminate the transaction documents associated with their notes and arrange for its dissolution.
The issuer will otherwise continue to incur administrative costs.
$2,801,084 of the 2017-F1 notes remains outstanding, all of which is considered a shortfall of principal. The interest shortfall for the 7¼% notes is $1,041,258.77.
Likewise, all €8,392,656 outstanding 2018-F2 notes are considered a shortfall of principal. The interest shortfall for the 6½% notes is €2,826,110.34.
The issuer is a London-based investment holding company.
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