Banca Generali Wins Dismissal of Appeal Over €344 Million Notes [BNN Bloomberg (Canada)]
ASSICURAZIONI GENERLI ADR (ARZGY)
NASDAQ:AMEX Investor Relations:
generali.com/investors
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Source: BNN Bloomberg
The Italian wealth manager has the power to remove and replace CFE Advisory Services as the agent in charge of dealings with the noteholders, the UK's Court of Appeal ruled on Wednesday. The wealth manager, representing the senior noteholders, was in a dispute with issuer Sovereign Credit Opportunities SA and CFE over attempts to appoint its own agent. The dispute was over trade finance securitizations that were arranged by CFE and sold onto Banca Generali's clients since 2018. Out of 73 credits held in three of the Trade Finance notes, 31 were in “some sort of default with payments in arrears,” the bank said at a lower court hearing in 2022. The securitizations have passed their redemption date without the relevant liabilities being fully discharged, according to the ruling. A UK court had last year ruled in favor Banca Generali on the issue but the ruling was kept on hold to await the outcome of the appeal. Banca Generali declined to comment while CFE Advisory didn't immedi
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