E-MAC unable to pay for put option; noteholder discussions sought

By Angela McDaniels

Tacoma, Wash., Jan. 31 - E-MAC Program III BV - Compartment NL 2008-I did not redeem any notes under the Jan. 25 put option due to a lack of funds.

The notes affected are E-MAC's €72.5 million of senior class A1 notes due 2048, €160 million of senior class A2 notes due 2048, €7.5 million of mezzanine class B notes due 2048, €3.9 million of junior class C notes due 2048 and €6.1 million of subordinated class D notes due 2048.

The issuer did not obtain a servicing advance from CMIS Nederland BV, the MPT provider.

CMIS wants to discuss with the noteholders its current collateral management efforts and the costs and benefits of alternative strategies for repaying the notes such as a collateral sale or refinancing. Noteholders are asked to disclose their identities by Feb. 9.

On Nov. 28, the company warned that it did not expect to be able to find anyone willing to buy its mortgage receivables or provide a servicing advance loan before the put date.

The transaction is backed by Dutch residential mortgages. Amsterdam-based ATC Management BV is the director of the issuers.

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