Lanner Trust Update - May 2020

Among the assets within the Trust are rights over car parks and also Lanner Car Park Bonds.

Attention is drawn to the latest report from the Administrator published on the Companies House website (https://beta.companieshouse.gov.uk/company/08188706/filing-history) in which the Administrator notifies of the movement to liquidation. He states that he expects secured creditors (which includes bondholders) are likely to recover their proceeds from the court case being advanced in the UAE, and that he expects some surplus from this to be available to cover non-preferential creditors.

Bondholders will be encouraged by this, but will be keen to know when the UAE court case is likely to conclude. Our understanding is that while the Covid-19 crisis delayed hearings into the period covered by Ramadan, the case will be heard by the mid-June.