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Emergent Capital unit files petition for relief under US Bankruptcy Code

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Emergent Capital unit files petition for relief under US Bankruptcy Code

Emergent Capital Inc. unit White Eagle Asset Portfolio LP filed a voluntary petition for relief under Chapter 11 of the U.S. Bankruptcy Code in the U.S. Bankruptcy Court for the District of Delaware.

The commencement of the case would constitute a default and event of default under the terms of the amended and restated indenture entered into by White Eagle, relating to its 8.5% senior secured notes due 2021, and its 5.0% senior unsecured convertible notes due 2023.

The defaults and events of default and their consequences were waived in advance of the White Eagle case by holders of the outstanding senior notes, and by holders of most of the outstanding principal amount of the outstanding convertible notes.

The commencement of the case, together with the related filings of Chapter 11 cases for Lamington Road Designated Activity Co. and White Eagle General Partner on Nov. 14, constitutes an event of default under White Eagle's revolving credit facility, leading to the principal and accrued interest due from White Eagle thereunder becoming immediately due and payable.

Lamington and White Eagle General Partner are wholly owned indirect subsidiaries of Emergent Capital.