21st Oct 2013 10:18
LONDON (Alliance News) - Closed-end investment company Kubera Cross-Border Fund Limited said that the operating performance of its portfolio company, Adayana Incorporated, had deteriorated significantly following the recent government shutdown in the US.
As a result, Adayana has filed for protection under Chapter 11 of the US bankruptcy code, which Kubera says will result in a "substantial impairment" to the carrying value of its investment in the company.
Kubera said it was considering the impact of these developments and was in discussions with Adayana to examine the option of participating in any corporate reorganisation. The company said it will publish its net asset value for the third quarter no later than October 31.
Shares in Kubera were trading up 0.004 pence at 0.468 pence Monday morning.
By Hana Stewart-Smith; [email protected]; @HanaSSAllNews
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