September 22: SoberLook - The GGP Case Changed the Rules of Engagement for Securitization
Location: Tokyo
Author:
Date: Tuesday, September 22, 2009
A recent ruling in the case of the defaulted General Growth Properties (GGP) has sent shock waves through the securitization markets. The ruling placed into question the strength of what's called "bankruptcy remote" entities. These entities are set up to ring fence the assets that represent the collateral pool for structured debt. One key reason for this requirement is to protect the debt holders' collateral from being dragged into bankruptcy if the equity holder defaults.
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