Emergent Capital Inc. and certain subsidiaries such as White Eagle Asset Portfolio LP partnered with Palomino JV LP in the ownership of its portfolio of life settlement policies and exited its former credit facility with Beal Bank.
The subscription agreement with Palomino is related to a commitment letter with Jade Mountain Partners LLC, pursuant to which White Eagle will sell to Palomino 72.5% of its limited partnership interests.
The investment by Palomino was consummated, and the credit facility was paid off in full and terminated, on Aug. 16. Immediately upon closing, there were cash and current receivables of approximately $28 million that were distributed from the subsidiaries up to Emergent Capital.
The termination of the credit facility is in accordance with the plan of reorganization for Lamington Road Designated Activity Co., White Eagle General Partner LLC and White Eagle approved by the U.S. Bankruptcy Court for the District of Delaware.
