Faxtor ABS 2005-1 to pay distribution to class B, not class C holders

By Wendy Van Sickle

Columbus, Ohio, Sept. 25 – Faxtor ABS 2005-1 BV said that following the auction of its remaining portfolio collateral, it will make a distribution on Sept. 25.

The distribution will result in payment of about €10,667,354.83 in principal and €158,255.67 to holders of Faxtor’s €12 million class B floating-rate notes due 2094.

It is not anticipated that any amounts will be available to make payment to holders of the €12.4 million class of C subordinated notes due 2094 from the distribution, according to a notice.

Following the distribution, Faxtor expects to have access to about €1,372,000. Faxtor said it cannot at this stage to provide any certainty as to when a final distribution will be made or the amount available to be paid to the class C noteholders in respect of any final distribution.

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