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(SOURCE:Van de Velde, 10-10-2011)
Van de Velde cashes 2.0 m€ on CDO portfolio
KBC has executed an early and full repayment of the CDO Fulham Road Finance Ltd. (“CDO Fulham”) to Van de Velde for an amount of 2.0 m€. The expected maturity date of the CDO Fulham was January 7, 2013. The early repayment is purely driven by a decision of KBC and has not been negotiated between parties.
Van de Velde points out that there is still 1 CDO outstanding (Sydney Street Finance Ltd. or “CDO Sydney”) for an amount of 1.45 m€ with an expected maturity date of July 7, 2015.
The legal case which was brought before the court by Van de Velde against KBC and which relates to the purchase of CDOs, remains pending to allow Van de Velde to also recover the incurred losses on the CDO Sydney.
As both CDOs were fully written down in 2008 and 2009, Van de Velde will post an exceptional profit before taxes of 2.0 m€ related to the CDO Fulham in 2011.
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