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Helix Updates Market
Hamilton, Bermuda – April 3, 2018 – In a filing with the Bermuda Stock Exchange (“BSX”) Helix Investment Management SLP updates market. The full filing stated:
In the Helix Investment Management SLP (“Helix”) press releases of 19 January 2018 and 1 February 2018, released through the Bermuda Stock Exchange, we notified that Privilege Wealth PLC (the “Company”) has been placed into administration and David Rubin & Partners and Kelmanson Insolvency Solutions have been appointed as joint administrators with effect from 23 January 2018 (“Joint Administrators”). This release seeks to provide an update to all noteholders of the Issuer and summarizes a circular posted today to Helix’s secure site at www.fundnav.comforaccess by noteholders.
The ability of the Issuer to pay coupons and repay principal on the Notes is dependent upon the Company and its co-obligors complying with their relevant obligations under the Financing Agreements and the Promissory Notes. The Company and its co-0bligors have failed to comply with their obligations and Helix’s demands and therefore recovery action against the Company and its affiliates has commenced.
Helix has commenced recovery for Helix Securitisation Fund, Compartment “Privilege Wealth” (“Issuer”) of its loans against the Company and has exercised its rights over collateral that it holds in security. In particular Helix has appointed legal counsel in the USA and has commenced action for enforcement of its security rights over assets in the USA by bringing action in the United States District Court, Middle District of Florida.
It however remains too early to estimate expected recovery amounts at this stage of the proceedings.
As anticipated in Helix’s press release of 1 February 2018, the appointment of the Joint Administrators has facilitated a more responsive communication from the Company and has provided a forum for better interaction with the Company in our efforts to recover its outstanding loans.
The quarterly coupon payment due 31 March 2018 on the Tranche A Notes has been paid in the normal course.
The Issuer’s ability to pay the coupons due on 30 June 2018 on the Tranche A and Tranche B Notes may be dependent upon recoveries under its security interests as well as its ability to dispose of assets to make such payments.
Next Update
A further update will be provided at the beginning of May 2018.