Life Settlement Firm Files Ch. 11 With $117M Debt Swap Plan
Law360 (October 15, 2020, 10:53 AM EDT) -- Specialty finance company Emergent Capital Inc. on Thursday filed for Chapter 11 protection in Delaware bankruptcy court with plans to restructure $117 million in debt and transfer control of the company to an Irish subsidiary.
In its court filings, Emergent said the equity swap plan will allow it to escape debt that remains despite the emergence of its former Bermuda subsidiary and its Irish subsidiary from Chapter 11 in August 2019.
"In order to address Emergent's liquidity needs over the foreseeable future, it is Emergent's business judgment that a restructuring should be effectuated," Chief Financial Officer Miriam Martinez said in the...
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