Moody’s Investors Service noted that the Chapter 11 filing for Extended Stay America is unusual because the disintermediation of the trust structure has been made by individual certificate holders directly pitching their economic interests to a bankruptcy court.

This could have unknown consequences if imitated in other distressed securitized transactions.

Subscribe Now

Access to a full range of industry content, analysis and expert commentary.

30-Day Free Trial

No credit card required. Access coverage of the securitization marketplace, including breaking news updated throughout the day.