Gild Arbitrage Says Liabilities Exceed Assets, BNS Reports
This article is for subscribers only.
Estonian hedge fund Gild Arbitrage said its liabilities exceed assets after a writedown on its Armenian assets, Baltic News Service reported, citing a note to investors by fund manager Tonu Pekk.
Liabilities of the Tallinn-based fund, which froze withdrawals in November 2008, exceeded assets by about 800,000 euros ($1 million) at the end of last year after assets were revalued to 18.3 million euros from 25.1 million euros six months earlier, BNS said. The fund wrote down the value of its Armenian assets by more than 9 million euros, it added.