Hedge Fund logi Energy Offers Over $1B for CIT Assets
Tuesday, October 20, 2009 : PermalinkNew York (HedgeCo.net) – Hedge fund manager logi Energy announced today that it has made an offer to CIT Group’s Board of Directors for a small portion of their middle market lenders debt portfolio. The offer increases the options available to the board as it works through restructuring and a possible pre-packaged bankruptcy, which CIT is negotiating with bondholders.
“Our proposal provides CIT increased liquidity, without the complexity of additional debt. This allows them to address short-term challenges and extend the time period with which to deal with bondholders. We think that the core of the CIT franchise is fundamentally sound and simply needs the benefit of increasing consumer economic activity,” said Lorenzo Ortega III, CIO of logi. “It would be damaging to small businesses nationwide, and CIT’s shareholders, if the company was unable to avoid bankruptcy. What we are proposing is to be part of the solution.”
logi Energy has offered in excess of $1B for a portion of CIT’s debt portfolio and anticipates closing a transaction within 30 days of acceptance of the proposal.
“We think we could also provide opportunity for other purchases from CIT” said Ortega.
logi Energy is a group of financial and engineering professionals with substantial experience in finance, oil and gas exploration and production, large projects and Energy. logi Energy has formed The Peak Oil Value Fund, a focused hedge fund to purchase interests in, and provide operating capital to, strategically valued, public and private oil, gas and energy-centric companies.
Editing by Alex Akesson
For HedgeCo.net
alex@hedgeco.net
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October 20th, 2009
9:56 am
Great Idea!
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hedge-fund-manager, oil and gas exploration, peak oil, substantial experience