TORONTO, May 26, 2016 /CNW/ - Solus Arctic Recovery Limited (formerly AG Recovery Limited) ("Arctic Recovery") announced that on May 24, 2016, it has disposed of 39,445,404 units (the "Units") of Arctic Glacier Income Fund ("Arctic"), representing approximately 11.25% of the outstanding units of Arctic, pursuant to a private transaction for aggregate consideration of CAD$1,539,398, or approximately CAD$0.039 per Unit.
Immediately prior to the disposition of the Units described herein, Arctic Recovery owned and exercised control or direction over 81,650,071 units of Arctic, representing approximately 23.31% of the issued and outstanding units of the Arctic. Immediately after the disposition of the Units, Arctic Recovery owned and exercised control or direction over 42,204,667 units of Arctic, representing approximately 12.04% of the issued and outstanding units of the Arctic.
The Units were sold for investment purposes as part of the portfolio investments held by investment funds advised by Solus Alternative Asset Management LP. Depending on market and other conditions, Arctic Recovery may from time to time in the future increase or decrease its ownership of, or control or direction over, units or other securities of Arctic through market transactions, private agreements or otherwise.
Arctic is located at 625 Henry Avenue, Winnipeg, Manitoba, R3A OV1. Arctic Recovery is located at P.O. Box 997, Halifax, Nova Scotia, B3J 2X2. A copy of the early warning report to which this news release relates can be obtained on the SEDAR profile of Arctic at www.sedar.com.
SOURCE Solus Arctic Recovery Limited