(Alliance News) - RDL Realisation PLC on Friday said it has reduced its estimated recovery of its investment in the Princeton Alternative Income fund to USD14 million.
The investment trust - which is in the process of winding down its portfolio - said in February 2019 it expected to recover USD15 million after Princeton Alternative Funding filed for bankruptcy.
However, the company on Friday reduced the amount due to "associated legal costs" resulting from the US bankruptcy court setting the Princeton hearing date to March 2.
RDL says that upon Princeton Alternative Income Fund exiting from chapter 11 bankruptcy, the cash within it will be distributed to investors. The company plans to delist its shares once its assets have been returned to investors.
RDL shares closed 3.5% higher at 169.75 pence each on Friday in London.
By Ife Taiwo; ifetaiwo@alliancenews.com
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