(Alliance News) - RDL Realisation PLC on Thursday said that the US bankruptcy court has set a hearing date of March 31 to rule on the amended reorganisation plan for the Princeton Alternative Income fund.
In February 2019, the investment trust said it expected to recover USD15 million of its investment in the Princeton after the fund filed for bankruptcy.
However, in January, the company reduced its estimated recovery to USD14 million to due to "associated legal costs" resulting from the US bankruptcy court setting the Princeton hearing date to March 2.
On Thursday, RDL said its amended plan will provide it with a cash payment of USD13.5 million.
RDL says that upon Princeton Alternative Income Fund exiting from Chapter 11 bankruptcy, the cash within it will be distributed to investors.
Shares in RDL closed 7.3% lower at 130.00 pence each on Friday in London.
By Ife Taiwo; ifetaiwo@alliancenews.com
Copyright 2020 Alliance News Limited. All Rights Reserved.