The confusion surrounding the Lit465 billion ($231 million) securitization issued by Italian media group Cecchi Gori shows no sign of clearing up. It may even be getting worse.

The transaction, arranged by Merrill Lynch and called Finance for an Italian Library of Movies (Films), was launched in February 1998 (ASRI 3/23/1998 p. 11). Since November last year, however, things have not been running smoothly, with two missed or partial rental payments (ASRI 12/13/1999 p.1) and a fall in the level of overcollateralization.

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.