Daily News: June 12, 2017

Antares Sues EBB Parent Holding to Collect $92MM Default

According to filings in the Supreme Court of the State of New York, Antares Capital, as successor to GE Capital, filed a suit against EBB Parent Holding over the company’s default of $92.2 million of outstanding loans, consisting of two term loans with outstanding balances of $42.5 million and $52.7 million as of April 27, 2017.

The loans were originally provided by GE Capital and other lenders in 2008. GE assigned its rights to Antares when it sold the private equity lending unit to Canada Pension Plan Investment Board in 2013.

Antares is seeking the appointment of a receiver on an expedited basis to collect assets. In the statement, the company contends, “defendants are in financial distress, and their limited assets are diminishing daily.” According to the filing, the defendants have represented to the agent that their liabilities are more than $75 million greater than their assets.

Antares has requested that Daniel F. Dooley, a principal and the CEO of financial consulting firm Morris Anderson, be engaged as receiver for the defendants. Dooley is prepared to act as receive upon the court’s appointment.