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LONDON - BodySmart Finance Limited has informed noteholders that security registrations related to its Series 2020-B1 notes are set to expire on June 30, 2025, potentially complicating enforcement actions against the borrower.
According to a press release statement issued Friday, the company is currently working with legal counsel to renew the Emirates Movable Collateral Registry (EMCR) registrations for security pledges over accounts and shares granted in favor of Abu Dhabi Commercial Bank PJSC, which acts as security agent.
The company has been in default since December 4, 2023, when it failed to pay the coupon due on the notes. This default has continued through subsequent interest payment dates.
While the underlying security agreements will remain legally valid regardless of registration status, failure to renew the registrations before the June 30 deadline could create complications regarding enforcement and creditor priority rights.
The note trustee has not made any recommendations regarding the situation and advised noteholders to seek their own independent legal and financial advice. The trustee indicated it would provide additional information to noteholders when received from the issuer.
The affected notes were issued on June 3, 2020, with ISIN GB00BMQ56V55. Noteholders seeking further information must verify their holdings when contacting the note trustee.
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