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Article: Fitch: Proposed Co-Manager Replacement in Straits Global I Would Not Affect Ratings.
- Article from:
- Investment Weekly News
- Article date:
- November 14, 2009
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Fitch Ratings was notified that the required majority of the controlling class of noteholders of Straits Global ABS CDO I, Ltd./Inc. (Straits Global I) voted to remove Straits Lion Asset Management Limited (Straits Lion) as the Collateral Co-Manager. Following the Event of Default of Straits Global I on May 7, 2008, the controlling class exercised its right to vote for the removal of the Collateral Co-Manager for cause, pursuant to Section 10(b) of the Collateral Co-Management Agreement.
Under the Collateral Co-Management Agreement, the termination of the Collateral Co-Manager is not effective until the appointment of a Replacement Collateral Co-Manager. ...