PracticeAccounting FirmsVantis looks to restructure to reduce debt burden

Vantis looks to restructure to reduce debt burden

Vantis speaking to potential investors and looking at restructuring debt

Discussions have begun with potential investors in Vantis, in an attempt to
lower its debt burden.

The firm told the stock exchange that it is negotiating with potential
investors, and entering preliminary discussions with its debt providers about a
potential restructuring of the balance sheet.

“The company’s banks have confirmed their support for the board’s exploration
of options to improve the company’s financial position,” the firm said in a
statement.

However the firm was unable to confirm
reports
that part of the process involved looking at selling off parts of
the business.

“Vantis will not comment on speculation. The company is reviewing a number of
alternative courses of action and negotiations with both potential investors and
the Company’s banks are at an early stage,” a spokeswoman said.

Vantis’ Nigel Hamilton-Smith and Peter Wassell, joint liquidators of Stanford
International Bank, have agreed a deal with the US receiver to divvy up the
asset locations for the collapsed investment business.

The US receiver will handle the realisation of assets in the US and Canada,
while the joint liquidators will handle Antigua and the UK.

Further reading:

Tax
scheme suspects Faichney and Perrin sue Vantis

Antiguan
assets give Vantis a lifeline

Vantis
uncovers $6bn Stanford black hole

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