01 October 2009
This statement is issued by HSBC Institutional Trust Services (Singapore) Limited.
HSBC Institutional Trust Services (Singapore) Limited, trustee of the defaulted
Minibond Notes series 1 to 3, and 5 to 10, confirmed that an agreement has been
reached between the Receivers of the Mortgaged Property for the defaulted notes,
Lehman Brothers Special Financing Inc, the swap counterparty in connection with the
Minibond Programme in Singapore, and other parties involved.
The agreement means that the Receivers now have control of the underlying collateral
and can commence the process of realising the residual value of the notes without the
risks and uncertainties of complex and costly litigation.
The Trustee also confirmed that acting in accordance with the powers under the trust
deed and its legal obligations it has accepted the Receivers’ recommendation to settle
with Lehman Brothers Special Financing Inc after careful consideration.
The Trustee has worked closely with the Receivers and its professional advisers on
this matter and is satisfied that the recommendation by the Receivers to accept the
settlement is in the best interest of noteholders.
The Trustee advised that noteholders will be receiving formal notification of this
development.
Press Release from the Trustee...HSBC
Coach T
