47UI Sigma Fin.1.00%

    RNS Number : 5553K
  Sigma Finance Corporation
  19 December 2008
   

    For Immediate Release
    19 December 2008
    COMPANY ANNOUNCEMENT
SIGMA FINANCE CORPORATION (IN RECEIVERSHIP)
    Update Notice
    The receivers of Sigma Finance Corporation (In Receivership) (the "Company"), being A. R. Bloom, M. E. Mills and S. J. Harris each of
Ernst & Young LLP (the "Receivers") have today made the following announcement.
    Capitalised terms used and not otherwise defined herein have the meanings given to them in the Amended and Restated Security Trust Deed
dated 27 March 2003 (the "Security Trust Deed").
    Auction
    As stated in their announcement of 4 December 2008, the Receivers held an auction sale of debt securities held by the Company (other
than those securities issued by Sigma Finance, Inc., the Company's subsidiary) (the "Portfolio") on 2 December 2008 involving certain market
counterparties. The Portfolio was sold to a combination of bidders at the auction for a total of approximately US$310 million. Settlement of
the sale occurred on 9 December 2008.
    Estimated Assets and Liabilities
    Based on the Receivers' investigations and asset realisation steps to date, the Receivers presently estimate that the value of the
Company's assets is approximately US$440 million. This comprises the US$310 million proceeds of the auction of the Portfolio, as well as
cash currently held by the Receivers and limited further recoveries presently anticipated.
    Based on information provided by the Company's management and their investigations to date, the Receivers currently estimate that the
Secured Obligations of the Company total approximately US$6.3 billion, of which approximately US$1.6 billion fell due for payment either
before or during the Realisation Period. Those sums remain unpaid. The Receivers estimate that further Secured Obligations of the Company of
approximately US$4.7 billion will fall due.  
    The Receivers estimate the Company to have unsecured creditors whose claims have fallen due, or will in the future fall due, totalling
in excess of US$4.7 billion.
    Winding up Petition 
    The Company acting by the Receivers has today filed in the Grand Court of the Cayman Islands a petition to wind up the Company. The
petition has been filed as a protective measure to preserve any potential claims which might be available to a liquidator in respect of
antecedent transactions entered into by the Company.
    The Receivers act as agents of the Company at all times and without personal liability.

This information is provided by RNS
The company news service from the London Stock Exchange
 
  END 
 
MSCGGMMZGLFGRZZ

Sigma Fin.1.00% (LSE:47UI)
Gráfico Histórico do Ativo
De Dez 2024 até Jan 2025

Sigma Fin.1.00% (LSE:47UI)
Gráfico Histórico do Ativo
De Jan 2024 até Jan 2025