Carey Olsen lawyers have advised on the establishment and listing of a distressed debt fund on the Specialist Fund Market of the London Stock Exchange and the Channel Islands Stock Exchange.
NB Distressed Debt Investment Fund, a closed-ended investment company established in Guernsey, has already raised USD197.2m through unconditional dealings in its ordinary shares and will aim to raise more through its listings on the SFM and the CISX.
The fund will invest in 40 to 50 holdings diversified across distressed, stressed and special situations investments, with a focus on senior debt backed by hard assets.
Carey Olsen senior associate Geoff Ward-Marshall, who advised on the listing, says the fund is indicative of the current trend for distressed debt funds due to the economic climate.
“Organisations are seeing the opportunity to capitalise on the potential upturn in the markets through distressed debt opportunities and this shows there is confidence that economies and organisations will recover,” he says.
