Camber 7 Plc - Notice ofEvent of Default etc

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Thu Apr 10, 2008 12:18pm EDT 

RNS Number:1214S
Camber 7 Plc
10 April 2008


                                        COMPANY ANNOUNCEMENT

For Immediate Release                                                                   10 April 2008

                                            CAMBER 7 plc


                    Re: NOTICE OF EVENT OF DEFAULT AND ACCELERATION OF THE NOTES






          U.S.$15,500,000 Class S Floating Rate Secured Notes Due 2013

        U.S.$485,000,000 Class A 1 Floating Rate Secured Notes Due 2042

        U.S.$100,000,000 Class A 2 Floating Rate Secured Notes Due 2042

         U.S.$72,000,000 Class A 3 Floating Rate Secured Notes Due 2042

          U.S.$81,000,000 Class B Floating Rate Secured Notes Due 2042

    U.S.$78,300,000 Class C Deferrable Floating Rate Secured Notes Due 2042

    U.S.$45,450,000 Class D Deferrable Floating Rate Secured Notes Due 2042

    U.S.$11,250,000 Class E Deferrable Floating Rate Secured Notes Due 2042

                     U.S.$27,000,000 Income Notes Due 2042

                            (together, the "Notes")



            NOTICE OF EVENT OF DEFAULT AND ACCELERATION OF THE NOTES



Reference is hereby made to the Indenture, dated as of 28 February 2007 (the "
Indenture"), by and between CAMBER 7 plc as issuer (the "Issuer"), CAMBER 7
Corp. as co-issuer (the "Co-Issuer") and LaSalle Bank National Association as
trustee (the "Trustee"), in relation to the Notes. Capitalised terms used herein
but not defined shall have the meanings ascribed thereto in the Indenture.



Notice is hereby given that the Issuer has received notice from the Trustee
that:

(a)                The Class A-3 Overcollateralization Ratio has fallen below
100%.

(b)                Therefore an Event of Default has occurred under Section 5.1
(f) of the Indenture.

(c)                The Majority of the Controlling Class have directed the
Acceleration of the Maturity consistent with Section 5.2(a).

(d)                The principal of and accrued and unpaid interest on all the
Secured Notes to be immediately due and payable, and, upon such declaration such
principal, together with all accrued and unpaid interest thereon, and all other
amounts payable under the Indenture, will become immediately due and payable.


Enquiries:

Matheson Ormsby Prentice                                                                  Mr Ian Rowell

                                                                                  Phone: + 353 1 232 2331

NCB Stockbrokers Limited                                                               Ms Lorena Thornton

                                                                                   Phone: +353 1 611 5907













This announcement has been issued through the Companies Announcement Service of

                            The Irish Stock Exchange








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END

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