CUSIP 143298AC1
- ISIN: US143298AC13
- Entity Name: City of Carmel
- Sector: Municipal
- Announcement Date: *****
- Effective Date: *****
- Issue Date: *****
- Maturity Date: *****
- Country of Issuer: *****
- Region: N.Amer
- Issue Currency: *****
- CA Type: Coupon Default
- News: THIS NOTICE CONTAINS IMPORTANT INFORMATION THAT IS OF INTEREST TO THE REGISTERED AND BENEFICIAL OWNERS OF THE ABOVE BONDS. IF YOU RECEIVE THIS NOTICE AND ARE ACTING FOR A BENEFICIAL OWNER, PLEASE SEND THIS NOTICE TO THE BENEFICIAL OWNER(S) IMMEDIATELY. UMB Bank, N.A. (the Trustee) is the successor bond trustee under the Bond Indenture between the City of Carmel, Indiana (the Issuer) and The Bank of New York Mellon Trust Company, N.A., as predecessor to the Trustee dated as of August 1, 2012 (the Bond Indenture) and the successor master trustee under the Master Trust Indenture between Mayflower Communities, Inc. (the Debtor) and The Bank of New York Mellon Trust Company, N.A., as predecessor to the Trustee dated as of August 1, 2012 (the Master Indenture), each related to the Bonds. The Borrower owns The Barrington of Carmel, a continuing care retirement facility in Carmel, Indiana (the Facility). As used herein, the Bond Indenture, Master Indenture, the Loan Agreement, the Mortgage, and the other document evidencing or securing the Bonds may be referred to as the Bond Documents. Capitalized terms used in this notice and not otherwise defined shall have the meanings given in the Master Indenture. Holders of City of Carmel, Indiana Bonds (The Barrington of Carmel) February 1, 2019 Page 2 As set forth in a prior notice, the Debtor failed to make its mandatory monthly payments due on November 10, 2018, December 10, 2018, and January 10, 2019, toward debt service due on the Bonds on May 15, 2019. These missed payments constituted events of default under the documents pursuant to which the Bonds were issued. 1 . As a result of the occurrence of the events of default described above, under the direction of the Majority Holders, on January 18, 2019, the Trustee filed a civil complaint for foreclosure in the court in Hamilton County, Indiana, where the Facility is located, along with a motion to have a receiver appointed to manage and operate the Facility. The Debtor responded by removing the case to federal court in Indianapolis, as it had the right to do, based on diversity of citizenship of the parties to the litigation. The federal court set a hearing on the appointment of the receiver to be heard on February 4, 2019. In response, the Debtor filed bankruptcy under Chapter 11 of the U.S. Bankruptcy Code in Dallas, Texas, in case number 19039283-hdh11 (the Bankruptcy Case). The filing of the Bankruptcy Case automatically stays all proceedings for the appointment of a receiver. The Bankruptcy Court has scheduled certain first day matters on February 1, 2019, to address certain immediate issues. After such matters are heard, the Trustee will provide a further update notice. ADDITIONAL INFORMATION The Trustee will provide additional updates to holders of the Bond as events occur with respect to the Bankruptcy Case. If you have any questions regarding this notice you may contact the Trustee using the following contact information: UMB Bank, N.A. Attention: Virginia A. Housum 120 South Sixth Street, Suite 1400 Minneapolis, Minnesota 55402 Phone: (612) 337-7003 E-mail:Virginia.Housum@umb.com Holders should not rely on the Trustee as their sole source of information. The Trustee makes no recommendations and gives no investment or legal advice to the above matters or as to the Bonds generally. For Bond Document please visit www.BondPDF.com
- Description: *****
- Bond Document: https://www.bondpdf.com/
- Latest Corporate Actions: https://www.CAalerts.com/credit-corporate-action/ISIN/US143298AC13
