Faxtor ABS 2005-1 holders accelerated notes, appoint receivers

By Marisa Wong

Morgantown, W.Va., June 7 – Faxtor ABS 2005-1 BV gave notice of an acceleration of its €12 million class B floating-rate notes due 2094 and €12.4 million class C subordinated notes due 2094.

Deutsche Trustee Co. Ltd., the trustee for the notes, delivered a notice on May 2 declaring that the notes were immediately due and payable on that date.

The trustee acted on the instruction from holders of more than 66 2/3% of the outstanding notes of the controlling class, the class B notes.

Once the acceleration notice was issued, the security constituted under the trust deed over the collateral became enforceable.

According to a notice on Friday, the trustee has been directed by holders of more than 66 2/3% of the outstanding class B notes to enforce the security over the collateral, including appointing David Philip Soden and Philip Stephen Bowers of Deloitte LLP as receivers.

The receivers are “familiarizing themselves with the collateral, considering the proposed strategy and monitoring the management of the collateral,” according to Friday’s notice.

In the meantime, only the receivers are authorized to make statements with respect to the receivership of the issuer.

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