Wilmington Trust Clarifies Role in Credit-Based Asset Servicing and Securitization LLC Bankruptcy Case
November 16 2010 - 3:41PM
Business Wire
Wilmington Trust, a leading provider of institutional trustee,
agency, and administrative services through its Corporate Client
Services (CCS) business, said today that it is not providing credit
to Credit-Based Asset Servicing and Securitization LLC (C-Bass),
which filed for Chapter 11 protection on November 12, 2010, in the
United States Bankruptcy Court for the Southern District of New
York.
Recent news reports may have led readers to believe that
Wilmington Trust is providing credit to C-Bass. In fact, Wilmington
Trust is not a lender to C-Bass, despite the bankruptcy filing’s
listing of Wilmington Trust among the largest unsecured creditors
of C-Bass. Wilmington Trust is serving as indenture trustee for
holders of approximately $234 million of debt issued by C-Bass.
Wilmington Trust has no credit exposure to C-Bass or any of its
subsidiaries. Through its CCS business, Wilmington Trust is paid a
fee for providing these services. The bankruptcy filing of C-Bass
has no effect on Wilmington Trust’s balance sheet, credit quality,
or financial condition.
Wilmington Trust’s CCS business offers institutional trustee,
agency, asset management, retirement plan, and administrative
services for clients worldwide who use capital market financing
structures, as well as those who seek to establish or maintain
nexus, or legal residency, for special purpose entities. Because
Wilmington Trust does not underwrite securities offerings or
provide investment banking services, it is able to deliver
corporate trust services that are conflict-free.
Wilmington Trust Corporation (NYSE:WL) is a financial services
holding company that provides Regional Banking services throughout
the mid-Atlantic region, Wealth Advisory services to high-net-worth
clients in 36 countries, and Corporate Client services to
institutional clients in 89 countries. Its wholly owned bank
subsidiary, Wilmington Trust Company, which was founded in 1903, is
one of the largest personal trust providers in the United States
and the leading retail and commercial bank in Delaware. Wilmington
Trust Corporation and its affiliates have offices in Arizona,
California, Connecticut, Delaware, Florida, Georgia, Maryland,
Massachusetts, Michigan, Minnesota, Nevada, New Jersey, New York,
Pennsylvania, South Carolina, Vermont, the Cayman Islands, the
Channel Islands, London, Dublin, Frankfurt, Luxembourg, and
Amsterdam. For more information, visit www.wilmingtontrust.com.
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