Bridging Finance’s receiver pegs investor losses at a minimum of $580-million

Bridging Finance Inc.’s investors are expected to lose at least $580-million, according to lender’s court-appointed receiver, marking the first official writeoff estimate for the private loan portfolio.

PwC has also cautioned that investor losses could rise. The receiver is currently conducting a sale process for the private lender, and final bids will determine the extent of the losses. The receiver noted in a new report to Bridging unitholders that “the total overall loss may ultimately be greater than the [estimate].”

Bridging’s funds brought in assets from 26,000 investors, the vast majority of whom are retail buyers. PwC is still trying to salvage what it can from the troubled loan portfolio, but the process has been a challenge because the receiver has already discovered that Bridging’s largest loan is likely worth a fraction of its book value. A final loss figure is expected early in the New Year, the received wrote.

Nigeria Nigeria Latest News, Nigeria Nigeria Headlines

Similar News:You can also read news stories similar to this one that we have collected from other news sources.

Highlights from Finance Minister Chrystia Freeland's fall economic statementFinance Minister Chrystia Freeland released a fall economic statement that outlined a better-than-expected economic rebound, but also billions more in spending, including on the response to the Omicron variant of COVID-19. CTVNationalNews Canadian taxpayers pay 20 Billion dollars a year to service, cover the cost, of the interest alone on its debt. This isn't sustainable. This deficit, while lower, is the second largest ever. It's massive.
Source: CTVNews - 🏆 1. / 99 Read more »