March 25, 2013 / 11:31 AM / in 5 years

STXNEWS LATAM-Brazil's Laep Bermuda assets could be liquidated

The Bermuda assets of Laep Investments Ltd, a Bermuda-based buyout fund with interests in luxury retailing and dairy products in Brazil, could be liquidated after Cayman Islands-based fund GLG Emerging Market Special Situations Fund won the right to be repaid a debt with Laep’s assets, according to a securities filing on Monday. Laep owes GLG north of 150 million reais ($76 million) and ranks above employees, shareholders and other creditors in the order of repayment.

But the situation is unlikely to affect the operations of its Brazilian holdings, “which are governed by Brazilian legislation,” the filing said.

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