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Titan Europe 2006-3 (IRSH)

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Tuesday 25 April, 2017

Titan Europe 2006-3

Monnet Update

RNS Number : 2969D
Titan Europe 2006-3 plc
25 April 2017
 

THIS NOTICE IS IMPORTANT AND REQUIRES THE IMMEDIATE ATTENTION OF THE NOTEHOLDERS. IF NOTEHOLDERS ARE IN ANY DOUBT AS TO THE ACTION THEY SHOULD TAKE, THEY SHOULD SEEK THEIR OWN FINANCIAL AND LEGAL ADVICE, INCLUDING AS TO ANY TAX CONSEQUENCES, IMMEDIATELY FROM THEIR STOCKBROKER, SOLICITOR, ACCOUNTANT OR OTHER INDEPENDENT FINANCIAL OR LEGAL ADVISER.

 

Company Name:                Titan Europe 2006-3 PLC

Headline:                          Monnet Portfolio Loan

                                                                                                                 

 

RIS Notification

                                        25 April 2017

 

Titan Europe 2006-3 PLC (the "Issuer")

 

€471,975,000 Class A Commercial Mortgage Backed Floating Rate Notes due 2016 (XS0257767631/XS0257772987)

€50,000 Class X Commercial Mortgage Backed Floating Rate Notes due 2016 (XS0257768100/XS0257773951)

€245,427,000 Class B Commercial Mortgage Backed Floating Rate Notes due 2016 (XS0257768522/XS0257775576)

€51,917,000 Class C Commercial Mortgage Backed Floating Rate Notes due 2016 (XS0257769090/XS0257776624)

€56,637,000 Class D Commercial Mortgage Backed Floating Rate Notes due 2016 (XS0257769769/XS0257777515)

€37,900,000 Class E Commercial Mortgage Backed Floating Rate Notes due 2016 (XS0257770007/XS0257778836)

€30,043,000 Class F Commercial Mortgage Backed Floating Rate Notes due 2016 (XS0257770775/XS0257779131)

€40,400,000 Class G Commercial Mortgage Backed Floating Rate Notes due 2016 (XS0257770858/XS0257779727)

€9,351,559 Class H Commercial Mortgage Backed Floating Rate Notes due 2016 (XS0257771310/XS0257780816)

 

 issued by

 

Titan Europe 2006-3 PLC (the "Issuer")

  

(together referred to as the "Notes")

 

The Notes are admitted to the official list of the Irish Stock Exchange and to trading on the regulated market.

 

Regulation (EU) No 596/2014 of the European Parliament and of the Council of 16 April 2014 (market abuse regulation) requires disclosure by or on behalf of the Issuer of any inside information concerning the Issuer.

 

Capitalised terms used but not otherwise defined in this notice have the meaning given to them in the Final Offering Circular dated 26 June 2006 in respect of the Issuer and the Master Definitions Schedule dated 27 June 2006 between, among others, the Issuer and the Note Trustee.

 

The following notice has been prepared by and issued at the request of the successor Special Servicer. The Issuer has not independently verified information contained in this notice.  Accordingly, the Issuer hereby gives notice of the following in relation to the Monnet Portfolio Loan.

Notice:

Jewel Properties Limited  (an obligor under the Credit Agreement in respect of the Monnet Portfolio Loan (the "Monnet Credit Agreement")), with registered seat in Gibraltar, Town Range 50, suites 7B & 8B ("Jewel") has been declared bankrupt, by default, by a decision of the commercial court of Brussels on 27 February 2017. The court has appointed Mr. Martin Dion (with offices at 1000 Brussels, Rue Defacqz 16, Belgium) as bankruptcy trustee (the "Bankruptcy Trustee"). The bankruptcy proceedings (the "Proceedings") have been opened at the request of the Belgian tax authorities, as one of the creditors of Jewel. This is a standard approach for a tax authority and not one that a Loan Special Servicer could have prevented. The Monnet Credit Agreement and the Monnet Portfolio Loan are already in default but, technically, such Proceedings constitute an additional Material Loan Event of Default.

As a consequence of the opening of the Proceedings in Belgium, (i) Jewel no longer has the capacity to dispose of its assets in Belgium and (ii) Mount Street, as Special Servicer, no longer has the capacity to initiate, independently, enforcement action in relation to Jewel in Belgium. Instead, Jewel's estate will be liquidated by the Bankruptcy Trustee. The Proceedings entail a general stay on enforcement actions brought by individual creditors. The Proceedings relate solely to Jewel's assets in Belgium.

As required by Belgian bankruptcy law, Mount Street intend to lodge a statement of claim, in its capacity as Special Servicer, in the Proceedings. In addition, a meeting between Mount Street, its legal counsel and the Bankruptcy Trustee has taken place today where it was agreed to commence with a managed sales process. The Bankruptcy Trustee will apply the statutorily set fees for acting in the Proceedings.

As is standard, the loan mortgage security ranks senior to any other unsecured creditor, however, Mount Street will engage with the relevant parties/authorities to ensure that this is adhered to and will update Note holders accordingly in due course.

For queries relating to the above, please contact: [email protected]

 

This notice is given by

 

TITAN EUROPE 2006-3 PLC

 

as Issuer

 

 

 

 

This announcement has been issued through the Companies Announcement Service of

the Irish Stock Exchange.

 


This information is provided by RNS
The company news service from the London Stock Exchange
 
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