maintenance problems killed the deal
German state-owned bank WestLB has finally rid itself of UK
TV rental company Boxclever, almost two years after its
securitization deal fell apart.
US private equity funds Fortress and Cerberus have teamed
up, forming a consortium to buy the company for an undisclosed
sum, reported to be in the region of £200 million ($372
million). An acquisition vehicle established by Fortress and
Cerberus acquired the outstanding notes issued under the
securitization by Boxclever vehicle Home Technology Receivables
(No 1) Limited from Compass Finrec, a conduit sponsored by
WestLB IXIS Corporate & Investment Bank and Superior
Financing, a conduit sponsored by CIBC. At the same...