15th Oct 2018 13:59
LONDON (Alliance News) - Ranger Direct Lending Fund PLC said Monday that it believes it may have to take an impairment charge on its Princeton Alternative Income Fund investment, as the value asserted by Princeton may have been overstated.
Princeton filed for bankruptcy under Chapter 11, and Ranger Direct believes that its value may have been incorrectly estimated and overstated.
Ranger added that it believes that the implementation of a protective impairment in the value of its investment is warranted.
"The company will continue to work on determining the amount of the protective impairment to its net asset value as it further evaluates the information at its disposal and any additional information received pursuant to the Chapter 11 proceedings," it said.
Ranger Direct Lending shares were trading down 1.8% at 750.0 pence each.
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