Kubera Cross-Border Fund Limited Adayana Inc. - Performance Update (9217Q)
October 21 2013 - 2:00AM
UK Regulatory
TIDMKUBC
RNS Number : 9217Q
Kubera Cross-Border Fund Limited
21 October 2013
21 October 2013
Kubera Cross-Border Fund Limited
Adayana Inc. - Performance Update
The Board of Directors (the "Board") of the Kubera Cross-Border
Fund (LSE/AIM: KUBC) ("KUBC" or the "Fund") has been informed that
the operating performance of Adayana Inc. ("Adayana"), an investee
company of KUBC, has deteriorated significantly, in large part
resulting from the recent government shutdown in the United States.
Kubera Partners LLC, KUBC's investment manager (the "Manager"), has
informed the Board that the revenue shortfall has resulted in
Adayana filing for protection under Chapter 11 of the US Bankruptcy
Code ("Chapter 11") in co-operation with its principal lenders.
Approval by a US court of a corporate reorganization by Adayana
pursuant to a Chapter 11 filing is likely to have a significant
negative effect on the value of its equity and will result in a
substantial impairment of the carrying value of KUBC's investment.
The Board and the Manager are currently considering the impact of
these developments on the carrying value of the investment. The
Fund expects to publish its Net Asset Value ("NAV") for the third
quarter no later than October 31, 2013.
The Board understands that the Manager is in discussions with
Adayana and its principal creditors to examine the possibility of
participating in any corporate reorganization. The Manager expects
to provide further information to Shareholders in its quarterly
newsletter, which will be published following the announcement of
the third quarter NAV.
About Kubera Cross-Border Fund Limited
Kubera Cross-Border Fund Limited is a closed-end investment
company incorporated in the Cayman Islands and traded on the AIM
market of the London Stock Exchange. The Fund makes private equity
investments in cross-border companies, primarily in businesses that
operate in the US-India corridor. The Fund's investment manager,
Kubera Partners, brings a strong track record of investing in or
managing such businesses. Several of the Fund's portfolio companies
also benefit from business activities in the growing Indian
domestic market. For further information on the Fund, please visit
www.kuberacrossborderfund.com.
For more information contact:
Kubera Partners, LLC (Investment Manager of Kubera Cross-Border
Fund Limited)
Ramanan Raghavendran, Managing Partner
Email: info@kuberapartners.com
Numis Securities Limited (Broker)
David Benda, Director
Tel.: +44 (0) 20 7260 1275
Email: d.benda@numiscorp.com
Grant Thornton UK LLP (Nominated Adviser)
Philip Secrett, Partner/ David Hignell, Manager
Tel.: +44 (0) 20 7383 5100
Email: philip.j.secrett@uk.gt.com
IOMA Fund and Investment Management Limited (Administrator,
Registrar & Secretary)
Philip Scales, Director
Tel.: +44 (0) 1624 681250
Email: Philips@iomagroup.co.im
This information is provided by RNS
The company news service from the London Stock Exchange
END
MSCNKKDNKBDBDKB
Kubera Cross-border (LSE:KUBC)
Historical Stock Chart
From Jun 2024 to Jul 2024
Kubera Cross-border (LSE:KUBC)
Historical Stock Chart
From Jul 2023 to Jul 2024