Altico Capital says evaluating options after default
Updated : September 22, 2019 08:19 PM IST
Altico Capital said on Sunday it was evaluating options to resolve its liquidity issues, following its recent default on an interest payment that was due earlier this month.
Altico, backed by Clearwater Capital Partners and Abu Dhabi Investment Council, said it defaulted on the interest payment after a rating downgrade prompted several of its lenders to recall a substantial amount of debt causing it to face a liquidity squeeze.
Altico said it needed time from stakeholders to craft a plan that might "maximize asset value" and called on all stakeholders to "refrain from actions that exacerbate the liquidity problem."