Sector developments and company hires

Auditing issue

The JUNO (ECLIPSE 2007-2) CMBS failed to file its financial statements for 2017, together with its annual return by 21 June, as required by the Companies Registration Office (see SCI’s CMBS loan events database). The issuer has a further 28 days to submit its audited financial statements, but its auditors have advised that they cannot give any assurance that the statements will be completed within this extended period. If the issuer is unable to file its financial statements within this period, its status will be changed to ‘strike-off listed’, meaning that it will be dissolved and the assets will become the property of the Irish state. The issuer has requested advice from Irish legal counsel in relation to the action it may take to avoid being struck-off and reiterates its view that a consensual agreement approved by noteholders and other secured creditors is the most likely route to allow it to resume payments to its creditors in the near future.   

Collaborative efforts

The UK FCA, the US CFTC and the SEC have announced that they will make “collaborative efforts” to explore ways to address industry concerns over manufactured credit events and foster transparency, accountability, integrity, good conduct and investor protection in the credit derivatives markets. Such collaborative efforts will not preclude other appropriate actions by the respective agencies, which note in a statement that opportunistic CDS strategies raise various issues under securities, derivatives, conduct and antifraud laws, as well as public policy concerns.

Distressed hire finalised

Blackstone GSO has hired Dan Oneglia as senior md and co-head of distressed investing. He was previously at Goldman Sachs where he spent 20 years, and most recently served as pm and head of multi-strategy investing in the Americas special situations group.

Investor solutions role filled

Capitolis has appointed Shervyn von Hoerl as head of investor solutions to help drive the development of the firm’s new Capitolis Finance solution, which is expected to be launched later this year. Von Hoerl was previously team head and md of portfolio and credit risk management Americas at FMS Wertmanagement Service and, prior to that, worked at 20 Gates Management and DEPFA Bank. He has more than 20 years of experience in the structured finance industry, having developed innovative business solutions for clients in multiple jurisdictions.

Real estate partner appointed

Dechert has hired real estate finance partner Aparna Sehgal, based in the firm’s London office. Joining from Sidley Austin, she will work closely with structured finance partner John McGrath and structured finance disputes partner Simon Fawell. Sehgal represents clients in complex multi-jurisdictional transactions involving secured senior and mezzanine debt, and complex intercreditor issues. She also advises on the acquisition and financing of performing and non-performing loan portfolios.