NEW YORK--(BUSINESS WIRE)--An ad hoc group (the "Ad Hoc Group") representing at least 25% of 7.75% Senior Unsecured Notes (the "MHNC Notes") due December 1, 2043, issued by Maiden Holdings North America, Ltd. (the "Company"), has organized with Pallas Partners (US) LLP ("Pallas") as legal counsel in connection with the Company's sale of Maiden Reinsurance North America and related transactions.
On behalf of the Ad Hoc Group, Pallas has sent a Notice of Default to the Company and Trustee, alleging that this series of transactions represents the sale of "all or substantially all" of the Company's assets, in violation of the Indenture governing the MHNC Notes.
Other noteholders are invited to contact Pallas for further information.
This press release may be considered attorney advertising in some jurisdictions under applicable law and rules of ethics.
Contacts
Duane L. Loft
Pallas Partners (US) LLP
Duane.Loft@pallasllp.com
(212) 970-2301
