Business
Crown Capital Provides Update on Solo Liquor Holdings Limited
Crown Capital Provides Update on Solo Liquor Holdings Limited Canada NewsWire CA...
About this update from Crown Capital Partners, Inc.
[{"type":"text","content":"\n\n\n\nCrown Capital Provides Update on Solo Liquor Holdings Limited\n\n/* Style Definitions */\nspan.prnews_span\n{\nfont-size:8pt;\nfont-family:\"Arial\";\ncolor:black;\n}\na.prnews_a\n{\ncolor:blue;\n}\nli.prnews_li\n{\nfont-size:8pt;\nfont-family:\"Arial\";\ncolor:black;\n}\np.prnews_p\n{\nfont-size:0.62em;\nfont-family:\"Arial\";\ncolor:black;\nmargin:0in;\n}\n\n\n\n\n\n\n\nCanada NewsWire\nCALGARY, May 28, 2019\n\n\n\nCALGARY, May 28, 2019 /CNW/ - Crown Capital Partners Inc. (\"Crown\" or the \"Corporation\") (TSX: CRWN), a capital partner to entrepreneurs and growth businesses,  previously disclosed that Solo Liquor Holdings Limited and Solo Liquor Stores Ltd. (collectively \"Solo\") was placed in receivership on May 1, 2019 by ATB Financial, which provided credit facilities to Solo. Crown Capital Partner Funding, LP (\"Crown Partners Fund\") has a $15 million loan outstanding to Solo. Crown is the manager of the fund and has an effective interest of approximately 37% in Crown Partners Fund.  In its financial results for the three months ended March 31, 2019, Crown recorded a provision for the full amount of its loan to Solo.\nCrown has been working closely with ATB and the Court-appointed receiver, FTI Consulting Canada Inc., in the receivership process. As part of its efforts to recover funds, Crown Partners Fund recently advanced $13.6 million to acquire a portion of the outstanding senior debt of Solo from ATB. Crown management currently expects that the realization on the security underlying the loans will result in the recovery of the recent advance as well as an estimated $3.5 million to $4.5 million on the original investment by Crown Partners Fund. \n\"We continue to work diligently to maximize the recovery for our investors, and this is an important step in that process,\" said Chris Johnson. \nAbout Crown Capital Partners (TSX: CRWN) Founded in 2000, Crown is a leading specialty finance company that provides growth capital to a diversified group of successful mid-market companies that are seeking alternatives to banks and private equity funds. Crown provides customized solutions in the form of loans, royalties, and other structures with minimal or no ownership dilution. In addition to deploying capital as a principal investor, Crown develops, manages and co-invests in alternative investment...