KSF-UK 22 Mar 12: Joint Administrators sell the asset finance division, Singers Asset Finance ...

Category: Newsflash

Joint Administrators of Kaupthing Singer & Friedlander Limited from Ernst & Young sell the asset finance division, Singers Asset Finance, to Shawbrook Bank Limited

London, 22 March 2012.  The Joint Administrators of Kaupthing Singer & Friedlander Limited ("KSF"), Patrick Brazzill, Maggie Mills, Tom Burton and Alan Bloom of Ernst & Young, are pleased to announce that on 22 March 2012 they completed the share sale of Singers Asset Finance Holdings Limited and its subsidiary companies ("SAF") to Shawbrook Bank Limited.

The sale has resulted in the repayment of SAF's debt due to KSF in its entirety and the equity stake held by KSF being realised for a premium.

Patrick Brazzill, of Ernst & Young, the Joint Administrator of KSF, commented: "The achievement of the sale represents the realisation of a material asset of KSF and represents an excellent return to the KSF estate and, ultimately, for creditors.  The Joint Administrators would like to thank the staff of SAF for their hard work in helping to make this happen."

Freshfields Bruckhaus Deringer LLP, solicitors, and Hawkpoint Partners Limited have advised the Joint Administrators throughout this transaction.

link here

Hits: 1593