A UK investment fund has emerged as Lifemark's best hope for a rescue deal after US hedge fund CarVal walked away from talks, the fund's administrator says.
KPMG's Eric Collard, who is negotiating for investors in the fund, started re-launching Lifemark as an investment opportunity this morning in order to find the $20m needed to permanently save it from liquidation. He says unless another deal emerges, the fund has just five weeks before it will be forced into liquidation, resulting in a firesale of its assets. Collard now has just two weeks to find a suitable investor and to carry out due diligence. A UK special purpose vehicle interested in a deal is the "most concrete" option on the table to replace CarVal, says Collard but he cou...
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