Crystal Cove defaults when it fails to pay interest on class A-1 notes

By Angela McDaniels

Tacoma, Wash., March 11 – Crystal Cove CDO Ltd. and Crystal Cove CDO, Inc. said there was a default in the payment of the accrued interest on their class A-1 notes.

The default occurred March 3 and continued for three business days, which resulted in an event of default, according to a company filing with the London Stock Exchange.

The issuers said there are no collateral debt securities remaining, provided that an amount has been reserved for payment of expenses or to settle any other residual matters.

The residual funds will be distributed by the trustee, Wells Fargo Bank, NA, on a later date.

Dock Street Capital Management, LLC is the collateral manager.

Crystal Cove CDO Ltd. and Crystal Cove CDO, Inc. are based in Grand Cayman and Neward, Del, respectively.

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