12th Mar 2018 16:31
LONDON (Alliance News) - Ranger Direct Lending Fund PLC said on Monday Princeton Alternative Income Fund LP and Princeton Alternative Funding LLC filed voluntary petitions of bankruptcy last Friday, after arbitration proceedings following a provisional take over of a loan portfolio.
Ranger originally noted in December 2016 its partner Princeton had provided credit lines to Chicago-based online lender Argon Credit, which filed for bankruptcy.
The company said that it was "disappointed" the bankruptcy filing has stopped the first phase of the arbitration, but believes Princeton's portfolio will be investigated and the investments the fund has made will be compensated.
Ranger said within the bankruptcy petition, Princeton estimated the aggregate value of its assets was between USD50.0 million and USD100.0 million, and it has estimated liabilities of between USD1.0 million and USD10.0 million.
Ranger Direct Lending Fund said it intends to claim against "various individuals and entities" who have controlled the Princeton funds in the second phase of the arbitration process.
Ranger Direct Lending Fund shares were up 0.8% at 736.00 pence per share at the close of trading on Monday.
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