...Windermere XII FCC is a securitisation of one commercial mortgage loan and one acquisition facility loan originated by Lehman Brothers Bankhaus Aktiengesellschaft (Lehman Brothers Bank AG), funded on 10 July 2007 by the originator; then 50% of both facility loans were syndicated to Goldman Sachs International Bank (GSIB), the colender. The loans are secured over Coeur DTfense, a grade A+ office tower located in the heart of the La DTfense district in Paris. The borrower, which is in default, currently enjoys "sauvegarde" creditor protection under French insolvency law. Since being granted this protection, in November 2008, property income has been trapped in a special account blocked from the issuer, which has had to draw on a liquidity facility to meet interest payments on the class A to H notes. The liquidity facility will continue to be available for interest payments on the notes until the "procedure de sauvegarde" is resolved. The French Commercial Tribunal that granted the bankruptcy...
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