NB Distressed Debt Investment Fund Ltd - Guernsey-incorporated closed-ended fund managed by Neuberger Berman; invests in distressed, stressed and special situation credit, with a focus on senior debt backed by hard assets - Reports net asset value per ordinary share on June 30 is USD0.7959, up 3.0% from USD7730 on December 31.
Fund has three class of shares - including extended life and new global shares - and all three are in "harvest period", as the company winds down, though it previously had warned the final distributions from each share class was delayed. The ordinary class of shares will be the first to start the final wind-up process in the next 12 months, followed by the extended shares and new global shares, the company says on Friday.
Amid interest rate increases, recession risk and volatile energy prices, the fund is seeking to balance the pace of exits with the value achieved as it returns capital to investors, Chair John Hallam says.
Current ordinary share price: USD0.70
12-month change: down 5.4%
By Tom Waite, Alliance News editor
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Nb Distressed (NBDD)