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Mainsail II Ltd (73WC)

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Thursday 03 April, 2008

Mainsail II Ltd

Appt of Receivers

Mainsail II Ltd
03 April 2008



For Immediate Release:
 
MAINSAIL II LIMITED 

                                                                    3 April 2008 

                     Update to Creditors - Appointment of Receivers 

MAINSAIL II LIMITED (the 'Company') 
US$4,000,000,000 EURO/US COMMERCIAL PAPER PROGRAMME 
US$407,000,000 MEZZANINE NOTE PROGRAMME 
US$112,000,000 CAPITAL NOTE PROGRAMME 


The Company is an exempted company with limited liability organised under the
law of the Cayman Islands and established for the purpose of carrying out the
business of an investment company in relation to the Company's programme for the
issuance of capital notes (the 'Capital Notes') and mezzanine notes (the
'Mezzanine Notes', and, together with the Capital Notes, the 'Programme Notes')
as more particularly set out in the Information Memorandum dated 6 July 2006
in relation to the Programme Notes. 

The following update has been provided to secured creditors of Mainsail II
Limited. 

Notification of a Mandatory Acceleration Event was made on 23 August 2007 as a
result of the breach of the Mandatory Acceleration Test. Following the 
occurrence of a Mandatory Acceleration Event, the Security Trustee is obliged to 
act in accordance with the instructions of the Majority Secured Parties in 
relation to enforcement of the Collateral. 

The Security Trustee has received directions from Majority Secured Parties to
appoint receivers of Mainsail II Limited to assist in the enforcement of the
security and implementation of a restructuring solution. 

Acting on the directions of the Majority Secured Parties, the Security Trustee
has appointed Kris Beighton of KPMG in the Cayman Islands and Richard Heis and
Mick McLoughlin of KPMG London as joint receivers of Mainsail II Limited. 

In a press release, joint receiver, Kris Beighton said: 'Due to the ongoing
liquidity and confidence crisis in financial markets the value of the company's
investment portfolio has been adversely affected. This breached various
triggers, and has led to our appointment as receivers. Over the coming weeks we
will work closely with the creditors and other parties to develop and implement
an appropriate realisation strategy.' 

Creditors of Mainsail II Limited have been made aware that no valuation of the
Issuer's asset portfolio (whether by the Financial Adviser or derived from
publicly available sources) provides any reasonable expectation that a sale of
the Issuer's assets would generate enough capital to repay the Issuer's
obligations to Senior Secured Parties in full. Accordingly, there is no prospect
of the holders of Mezzanine Notes or Capital Notes receiving any payment in
respect of amounts owing to them. 




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