Investors owning the most senior notes in Europe’s first commercial mortgage-backed securities to default on maturity rejected a “consensual restructuring” of the 601.7 million euros ($792 million) of debt.

Opera Finance (Uni-Invest) BV Class A noteholders didn’t approve a plan to extend the bonds (BX) to 2016, adjust interest payments and hire Valad Europe to sell the real estate backing the CMBS, according to a notice sent today by Eurohypo AG, the special servicer. The vote was held at a meeting in Amsterdam.

The decision clears the way for them to accept an offer for their Class A notes from TPG Capital and Patron Capital Partners to recover 358.8 million euros that they’re owed. They are scheduled to vote on this proposal at 2 p.m. Amsterdam time.

Under the buyout firms’ offer, Class A noteholders would receive an initial payment of 40 percent, about 144 million euros, plus interest and some expenses. The balance will be in the form of new four-year notes to be repaid with asset-sale proceeds. The three junior CMBS tranches wouldn’t get repaid the 242.9 million euros that they’re owed.

To contact the reporter on this story: Simon Packard in London at packard@bloomberg.net.

To contact the editor responsible for this story: Andrew Blackman at ablackman@bloomberg.net.