STXNEWS LATAM-Bermuda court rules for liquidation of Brazil's Laep

Wed Sep 25, 2013 9:09am EDT

Bermuda's Supreme Court ruled for the liquidation of Brazilian private-equity firm Laep Investments Ltd, in response to a reuqest by an investment fund, according to a securities filing on Wednesday. Laep, which is based in Bermuda but mostly operated from its offices in São Paulo, has been under strain in recent years after some of its main investments - including milk producer LBR Lácteos do Brasil SA and high-end luxury retailer Daslú - failed to produce the expected returns.

According to the filing, GLG fund executives Michael Morrison and Charles Tresh will take over control of Laep and soon name their representatives in Brazil.