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News

Delaware Court Approves New Stream Secured Capital Plan Of Reorganization

Northstar News

HAMILTON BERMUDA – Northstar Financial Services Ltd (“Northstar”) today announced that on April 23, 2012, the Delaware Bankruptcy Court approved the Plan of Reorganization filed by New Stream Secured Capital, L.P. and New Stream Insurance L.P. (together “New Stream”) and certain other related parties, clearing the way for change of economic ownership of Northstar from New Stream to a new investor group. Under the Plan, economic ownership of Northstar will be transferred to a group of over 30 institutional shareholders. Three shareholders, including funds managed by Gottex Fund Management (“Gottex”), and funds managed by Eden Rock Capital Management (“Eden Rock”) will comprise a significant majority of overall ownership of Northstar. The change of ownership is subject to approval by the Bermuda Monetary Authority, a process expected to take 30 days. Completion of this process will result in the full termination of any legal relationship between Northstar and New Stream.

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