White Eagle Seeks Ch. 11 OK For $384M Stalking Horse Sale

Law360 (July 10, 2019, 2:41 PM EDT) -- Life insurance policy investor White Eagle Asset Portfolio sought Delaware bankruptcy court approval late Tuesday for a $384.25 million-minimum stalking horse sale of the majority of its holdings, potentially making good on an agreement to refinance and pay off its top creditor by Sept. 14.

According to a motion and proposed order filed with U.S. Bankruptcy Judge Kevin Gross, Jade Mountain Partners and other co-investors agreed to act as bidders to beat in the sale, subject to a nearly $9.3 million termination fee and $500,000 expense payment if a better offer surfaces.

If completed, the sale will allow closing on an...

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