Rechtbank Amsterdam, 10-04-2018, ECLI:NL:RBAMS:2018:2168, C/13/644444 / KG ZA 18-235 AB/MB

Ter zekerheid voor de terugbetaling van de lening zijn (onder meer) hypotheekrechten gevestigd op de onroerende zaken van Leningnemers en pandrechten op (huur)vorderingen, inventaris en banksaldi van Leningnemers.

De zekerheden werden destijds gehouden door NIBC in hoedanigheid van ‘security agent’. Breevast is thans nog eigenaar van 55 vastgoedobjecten (hierna ook: de Objecten).

In 2007 heeft een securitisatietransactie plaatsgevonden. (securitiseren = het omzetten van schuldvorderingen of leningen in verhandelbare effecten). In verband daarmee is in april 2007 de lening omgezet in een senior loan (hoofdsom

€ 638.350.000,-) en een achtergestelde (subordinated) loan van € 40.811.960,-. Gelijktijdig zijn de rechten en plichten van NIBC als leninggever overgedragen aan Mesdag Delta. De zekerheden zijn overgegaan op de Security Agent.

In haar hoedanigheid van special servicer handelt Situs als bevoegd vertegenwoordiger en oefent zij alle rechten en bevoegdheden uit van de geldverstrekkers en de zekerhedenagent onder de kredietovereenkomst en daarmee verband houdende stukken.

Indien sprake is van een tekortkoming door Leningnemers onder de Whole Loan, is de special servicer bevoegd om over te gaan tot uitwinning van de zekerheden.

Op 22 maart 2017 heeft Situs aan Breevast geschreven:

“I have mentioned that in the standstill we need to put some milestones:

° Deliver dataroom for all properties by 30 May

(...)

A restructuring agreement is currently drafted and reviewed by all parties. A standstill letter will be executed along with the restructuring agreement. The Special Servicer will update the Noteholders once the agreement is executed.”

Op 21 april 2017 heeft [naam 9] van Situs aan Breevast twee concept- overeenkomsten toegezonden, de Standstill Agreement en de Restructuring Framework Agreement. Boven de teksten staat “Draft” waaraan bij de Standstill Agreement is toegevoegd: “for discussion purposes only”.

In de begeleidende e-mail zijn de concepten omschreven als

“(...) agreements documenting the workout route and fees which we have agreed at our last meeting in London.” Aan Breevast wordt verzocht de documenten naar haar advocaten te sturen ‘for review’.

Op 25 april 2017 heeft Situs een “Special Servicer Update” opgesteld. Daarin staat onder meer:

“The borrower prepared an initial Business Plan for each single asset; such Business Plan was reviewed and amended by the Special Servicer. Assets will be disposed of in an orderly manner over the next three years (...)

The disposal process shall start with the small assets and assets with no potential value enhancement. The Special Servicer is aiming at sales of approx. EUR 120-150m in 2017, EUR 150-200m in 2018 and the remaining properties in 2018.

The Special Servicer also agreed to retain the borrower as the property manager and asset manager for its portfolio under a revised asset management agreement.

A restructuring agreement is currently being drafted and reviewed by all parties.

A stand still letter will be executed along with the restructuring agreement. The Special Servicer will update the Noteholders once the agreement is executed.”

Op 2 mei 2017 heeft Situs geïnformeerd naar fiscale gevolgen van door Breevast c.s. voorgestelde transacties. Breevast heeft aan Situs onder meer gemaild:

“(...) we are currently liaising with our tax advisors to fully understand the tax position. (..)

We will have our comments on the draft to you before the end of the week.”

Op 15 mei 2017 heeft Situs bij Breevast c.s. aangedrongen op het verstrekken van aanvullende informatie. Zij schrijft onder meer: “This e-mail is to follow-up on our earlier queries with respect to the tax position of Breevast. Although we have not yet received further information from you on the tax position, a preliminary assessment of the situation by our lawyers on the basis of public information leads us to the conclusion that a considerable amount of CIT (corporate income tax, vzr.) may be payable in case of a (consensual) gradual wind-down of the portfolio. This situation comes a s a surprise to us and we are considering our options and the impact that this may have on the going concern restructuring options. (...)

We have reviewed your comments on the Standstill and Restructuring Agreement, but to make a final assessment the tax positions need to be clarified. (...)

We reiterate that we, also on behalf of the security agent, continue to reserve all our rights and that our communications to date should not be taken as a waiver or consent (...)

We continue to evaluate the situation.”

Op 22 mei 2017 heeft Situs aangepaste concepten van de Overeenkomsten aan Breevast c.s. gestuurd. In de begeleidende e-mail staat onder meer:

“We have taken some comments on board, some, which we think are of more technical nature, we have rejected. We have also added some wording to reflect the tax situation. I propose to have a call before you send any comments.

Lastly, we have received feedback from (...) (who are interested in the [naam 10] property) that (...) has told them he has a refinancing with the noteholders and is not selling any property. This clearly contradicts the commercial understanding and is not a good start into the consensual selldown which we are currently negiotiating. Breevast’s ultimate owner has to stop acting in such a way.

In our last call you have told us that you in the process of receiving other offers for the property. I expect you to progress these discussions and (i) update us by Wednesday this week and (ii) present final offers by our next meeting on 2 June. We trust, and that’s why we are recirculating new drafts of these agreements, you will act appropriately and in the spirit of the current negotiations. However should the [naam 10] situation not be resolved to our satisfaction until Friday, 2 June, we reserve the right to pursue other options in respect of the property, e.g. a mortgage enforcement, and reconsider the complete Standstill and Restructuring Agreement.”

In het meegezonden concept van de Standstill Agreement is als “Termination Date (means close of business on the earlier of)” opgenomen 25 januari 2018 “(or such later date as agreed in writing by all of the Participating Creditors”.

Op 13 juni 2017 heeft Situs aan Breevast c.s. meegedeeld dat zij de nieuwe houder van de meerderheid van de F-Notes heeft ontmoet. In deze mail staat onder meer:

“The party is still in the process of reviewing the business plan, but the initial idea is to (i) accelerate the sales process to some extent (...). The fee structure might also have to be tweaked (...) In the interim, I would ask you to have (...) call (...) to discuss the few elements which were still open.”

In e-mails van 22 juli 2017 en 13 oktober 2017 maakt Breevast melding van een ‘agreement’ met Situs en op 11 september 2017 heeft tussen hen een bespreking plaatsgevonden. In de e-mail van 13 oktober 2017 van Breevast aan DK staat:

“(...) we got (...) a discussion about fee’s, equity, etc etc. In our view we got an agreement with Situs about this, we like to solve and finish this item and in last meeting with Situs they told us, that we to discuss this with you. When can we have a meeting to discuss this in person (...) with you about this to finalize.”

Op 14 oktober 2017 heeft DK aan Breevast onder meer gemaild:

“I believe you are referring to the Breevast initial workout proposal that was discussed with Situs but not agreed to by Situs or the previous controlling class.”