A restructuring plan for Glenn Maud’s securitised property portfolio hung in the balance this week after a motion to remove the special servicer was passed.

It is a move which could lead to the delay of a restructuring proposal of the Gemini Eclipse commercial mortgage-backed securities vehicle, which is secured against Propinvest’s £801m portfolio of UK assets.

On Wednesday contolling class E senior noteholders,including Rivlin’s Palatium Investment Management, voted to replace current special servicer Barclays Capital Mortgage Servicing (BCMS) with CB Richard Ellis Loan Servicing as special servicer.

The class E noteholders hold £75m of the senior notes.

It is a move which could delay or completely scupper the restructuring proposal announced last week. Barcap said last week if it was removed it would take no further steps to implement the restructuring proposal as it would expect CBRE to form its ‘own view on the merits’ of the proposal.

Barcap said last week the proposal would maximise cashflow and income revenue; build reserves to meet senior loan interest payments and avoid fire sales.

It said it would also avoid crystallising £119.5m of super senior termination payments on junior and senior hedging arrangements.