Bankrupt Irish funds have combined $817m debt
DUBLIN (Bloomberg) — Ritchie Capital Management Ltd.'s two bankrupt funds have a combined debt of $817 million and assets of only $2.1 million, the company disclosed in court filings.The two Ireland-based funds filed for bankruptcy protection in May, citing losses of as much as $700 million from fraud-tainted life insurance investments. Ritchie Capital said in documents filed on Friday in US Bankruptcy Court in Manhattan that its largest unsecured creditors are its own affiliated trusts.
Ritchie might secure additional assets, it said in its filings. It previously sued Coventry First LLC, a Philadelphia-based unit of holding company Montgomery Capital Inc., and said it its filings that it might sue others to recover assets.
The two Dublin-based funds are part of an interrelated network of 11 other trusts or funds affiliated with Ritchie Capital, according to the company.