Alliance SAFD-PJ plan surprises to the upside

Alliance SAFD-PJ plan surprises to the upside

Category: CMBS


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The latest documents released as part of PJ Alliance's bankruptcy filing reveal a new reorganisation plan, which is expected to be reflected in a modification of the US$475m Alliance SAFD-PJ portfolio loan securitised in CSMC 2007-C2. Although concessions to the sponsors under the proposal appear high, if the hypothetical liquidation analysis truly reflects market conditions, the modification should result in a better-than-expected outcome for CMBS investors.

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