LONDON--(BUSINESS WIRE)--
29 October 2024
COMPANY ANNOUNCEMENT
THE RECEIVERSHIP OF SIGMA FINANCE CORPORATION (IN RECEIVERSHIP AND IN LIQUIDATION)
The receivers of Sigma Finance Corporation (In Receivership and In Liquidation) ("Sigma" or the "Company") being S. J. Harris and S. J. Edel of Ernst & Young LLP (the "Joint Receivers") wish to provide an update to Beneficiaries.
Capitalised terms used in this announcement and not otherwise defined have the meanings given to them in the Amended and Restated Security Trust Deed dated 27 March 2003 (the "Security Trust Deed") between the Company and Deutsche Trustee Company Limited (the “Security Trustee”).
General update
As part of the process of concluding the Receivership and commencing the steps to bring about the dissolution of the Company, the Joint Receivers filed a petition on 4 June 2024 for the commencement of the winding up of the Company in the Cayman Islands as a winding up is a precursor to dissolution in that jurisdiction.
The petition was heard before the Cayman Court on 17 July 2024 and a Court Order was granted on the same date to place the Company into liquidation and appoint David Griffin and Iain Gow, licensed insolvency practitioners of FTI Consulting (Cayman) Ltd, as Joint Official Liquidators of the Company.
Final distribution to Beneficiaries
Further to the appointment of the Joint Official Liquidators of the Company, and after consultation with the Security Trustee, the Joint Receivers intend to make a final distribution of approximately US$1.7m to Beneficiaries on 21 November 2024 using the methodology set out in the Security Trust Deed and in the pooling and distribution methodology dated 22 June 2010 (the “Methodology”) which was previously made available to Beneficiaries and a copy of which has been posted by the Joint Receivers on the website maintained by Sigma at:
https://www.ips-docs.com/creditor/LO3467/BE1268F9-0126-4505-99F7-D076B0FDE0D7
As provided for in the Methodology, a Record Date (as such term is defined in the Methodology) of 7 November 2024 has been established by the Receivers solely for the purposes of determining certain amounts in accordance with the Methodology. The amount paid to Beneficiaries in respect of each Liability (as such term is defined in the Methodology) will be notified to the relevant Beneficiaries in due course.
Please email sigmafinancecorporation@uk.ey.com to request access and log in details to the Company website which will be provided following the verification process.
Subsequent steps
Following completion of the final distribution:
(a) the Joint Receivers are not aware of any further assets being available to be distributed to Beneficiaries;
(b) the Joint Receivers will have concluded their role pursuant to the Security Trust Deed and the instrument of appointment of the Joint Receivers dated 6 October 2008 (as amended and supplemented from time to time); and
(c) it is expected that steps will be taken by the Joint Official Liquidators of the Company and by the officers of Sigma Finance, Inc. to procure the removal of the Notes from the relevant clearing systems and a request will be made to delist any Notes that are currently listed on a stock exchange. The Receivers expect the dissolution of the Company to follow.
Further information
Please email sigmafinancecorporation@uk.ey.com if you have any queries regarding this announcement.
Please note that nothing in this document is intended to amount to an invitation or inducement to engage in investment activity. Nothing in this document amounts to the giving of advice. If you are in any doubt as to the action you should take, you should consult a professional adviser.
The Joint Receivers are appointed over the assets of the Company and act without personal liability.
SJ Harris and SJ Edel are authorised to act as Insolvency Practitioners in the UK by the Institute of Chartered Accountants in England and Wales and the Insolvency Practitioners Association respectively. As Insolvency Practitioners, they are bound by the Insolvency Code of Ethics in carrying out all professional work relating to the appointment.
The Joint Receivers may act as data controllers of personal data as defined by the General Data Protection Regulation (as incorporated in the Data Protection Act 2018), depending upon the specific processing activities undertaken. Ernst & Young LLP may act as a data processor on the instructions of the Joint Receivers. Personal data will be kept secure and processed only for matters relating to the Joint Receiver’s appointment. The Office Holder Data Privacy Notice can be found at www.ey.com/uk/officeholderprivacy.
END OF ANNOUNCEMENT