A group of investors from Bridging Finance have raised their voice against the proposal. The concerned unitholders of Bridging Finance said in a statement issued yesterday that it would go to court and try to stall PwC’s plan to drop the sale process. PwC will place its offer to end the sale this Friday, February 25th.
“In recent weeks, a growing number of unitholders have raised concerns that PwC is trying to arbitrarily close the sale process without unitholder vote and approval,” the statement said. “They state that the receiver is acting in his own interest, deliberately creating losses in the portfolio through improper management, as well as charging exorbitant fees.”
Describing the move as an “abuse of power”, unitholders urged all Bridging Finance investors to join the effort by challenging the termination of the sale process and seeking a unitholder vote. Instead of liquidation, he supported the sale of Bridging Finance to BlackRock, one of several companies that have expressed interest in stripping the firm’s assets.
He also challenged the credibility of PwC, pointing to the firm’s “secret and opaque process,” its inexperience in managing private debt.
PwC expects to make an initial distribution of wind-down proceeds by June 30.