Ranger Direct Lending Fund PLC Princeton and Portfolio Update (5485G)
November 07 2018 - 2:00AM
UK Regulatory
TIDMRDL
RNS Number : 5485G
Ranger Direct Lending Fund PLC
07 November 2018
7 November 2018
RANGER DIRECT LENDING FUND PLC (or the "Company")
Princeton and Portfolio Update
The Company notes the following developments in the ongoing
bankruptcy proceedings relating to Princeton Alternative Income
Fund, LP and its former general partner Princeton Alternative
Funding, LLC (together, "Princeton").
On November 6, 2018, the United States Bankruptcy Court for the
District of New Jersey entered a ruling granting the Company's
motion for the appointment of a chapter 11 Trustee in the
bankruptcy cases of Princeton. The Court will direct the Office of
the United States Trustee to effectuate the appointment of a
Trustee. The Office of the United States Trustee will allow the
Company and its affiliates to suggest candidates to serve as the
chapter 11 Trustee. However, the United States Trustee retains the
discretion to make the final selection and appointment. The Company
currently expects the appointment of a Trustee to occur within the
next several days. Among other things, the Court found that the
existence of irreconcilable conflicts of interest between the
Princeton fund and its insider management and the existence of an
outstanding claim filed in the cases by the Securities and Exchange
Commission required an independent Trustee to be appointed. In the
interim period, the Company will request that the Court enter an
order requiring Princeton to maintain the status quo and operate in
the ordinary course of business, to prohibit further investments by
Princeton and to preserve all business records and electronically
stored information. The Company cannot predict the likelihood as to
whether the Court will enter its requested Order. Upon his or her
appointment, the Trustee will displace current management and
assume control over Princeton and its assets. The Company looks
forward to working constructively with the Trustee to effectuate an
orderly recovery of our shareholders' capital. The Company will
provide further update upon the appointment of the Princeton
Trustee.
For further information, please contact:
Link Company Matters Limited
Secretary +44 (0)1392 477 510
Liberum Capital Limited
Joshua Hughes +44 (0)20 3100 2000
LEI: 549300VGZSKYQ7C2U221
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END
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