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(Alliance News) - NB Distressed Debt Investment Fund Ltd on Wednesday reported an annual net assets fall and said market uncertainty means its wind-down is taking longer than initially planned.
The Guernsey-incorporated closed-ended fund invests in distressed, stressed and special situations investments, with a focus on senior debt backed by hard assets and on North America and Europe.
NB Distressed Debt has three share classes: ordinary, or NBDD; extended life, NBDX; and new global, NBDG. The ordinary and extended life share classes focus on distressed debt in North America, whilst the new global class's remit covers Europe as well as North America.
As of December 31, the ordinary shares had a net asset value of USD0.9086, down 7.1% from USD0.9778 in the year prior.
The ordinary shares closed untraded at USD0.76 each in London on Wednesday.
The extended life shares had a 3.8% annual NAV per share fall to USD0.9266 and in the global class, NAV per share was 9.4% lower at USD0.8339
NB Distressed's total net asset value slumped 26% year-on-year to USD199.1 million from USD268.4 million.
NB Distressed previously anticipated realising all assets in its ordinary share class by the end of 2019, but noted that this did not happen due to market uncertainty.
The company said: "The wind up of the other two classes will take a little longer but we hope to complete the realisation process in the next couple of years. Upheaval in financial markets and global trade uncertainty may impact these timings."
By Eric Cunha; ericcunha@alliancenews.com
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