Liquid Files Voluntary Petition Under Chapter 11 of the Bankruptcy Code
28 January 2016 - 1:24PM
Liquid Holdings Group, Inc. (OTC PINK:LIQD) (“Liquid” or the
“Company”), a SaaS provider of investment management solutions for
the buy side, announced today that it and its subsidiary Liquid
Prime Holdings, LLC, each filed a voluntary petition in the United
States Bankruptcy Court for the District of Delaware (the “Court”)
seeking relief under the provisions of Chapter 11 of the United
States Bankruptcy Code. The Company believes the Chapter 11 process
will provide the greatest flexibility to pursue viable options for
asset sales or other alternatives.
Liquid will continue to operate the business as
a debtor-in-possession in its Chapter 11 case. The Company has
filed a series of first-day motions with the Court that will allow
it to continue to conduct business without interruption. These
motions are designed primarily to minimize the impact on the
Company’s operations, customers and employees.
For access to Court documents and other general
information about the Chapter 11 case, please visit
http://www.deb.uscourts.gov.
The Company’s counsel in Chapter 11 is Blank
Rome LLP. The Company has engaged Carl Marks Advisory Group, LLC as
its bankruptcy financial advisor and SenaHill Advisors, LLC as its
investment banker.
About Liquid Holdings
Group
Liquid Holdings Group, Inc. (OTC PINK:LIQD) is a
SaaS provider of investment management solutions to the buy side.
The Liquid platform combines multi-asset order, execution and risk
management with shadow NAV and investor reporting capabilities.
Liquid goes a step further, backing its mission-critical
front-office capabilities with managed services to transform
manually intensive middle-office processes into an automated,
seamless experience. The Company offers the Liquid platform or any
of its components on a subscription basis to hedge fund managers,
asset managers, family offices and financial institutions
worldwide.
Liquid was named Best EMS and Best New Cloud
Application by HFM, 2014 Best Global Risk Management Software
Company and Best USA Global Risk Management Software Company by the
readers of Hedgeweek, as well as 2014 Best Cloud Provider and Best
Fin Tech Operations Startup by FTF News.
Headquartered in Hoboken, New Jersey, Liquid
Holdings Group was formed in 2012. For more information, please
visit www.liquidholdings.com.
Cautionary Statement Concerning Forward
Looking Statements
This release contains forward-looking statements
within the meaning of the federal securities laws. Statements that
are not historical facts, including statements about our beliefs
and expectations, are forward-looking statements. These statements
include, among others, statements relating to the Chapter 11
process providing the greatest flexibility to the Company to pursue
viable options for asset sales or other alternatives. These
statements are based on our beliefs and assumptions, which in turn
are based on currently available information. Forward-looking
statements involve known and unknown risks and uncertainties, which
could cause actual results to differ materially from those
contained in any forward-looking statement, including, but not
limited to: (i) the outcome or timing of the Chapter 11 process,
(ii) the effect of the Chapter 11 filings on our relationships with
third parties and employees, (iii) proceedings that may be brought
by third parties in connection with the Chapter 11 process, (iv)
our ability to meet financial obligations during the Chapter 11
process or to maintain contracts that are critical to our
operations, and (v) our ability to maintain adequate liquidity to
fund operations during the Chapter 11 process and thereafter. Many
of these factors are beyond our ability to control or predict and
you should be aware that the occurrence of certain events,
including those referenced above and in the sections titled “Risk
Factors” in our Annual Report on Form 10-K for the year ended
December 31, 2013, in our subsequent Quarterly Reports on Form
10-Q, in Exhibits 99.2 and 99.3 to our Current Report on Form 8-K
filed October 8, 2015, and Exhibit 99.1 to our Current Report on
Form 8-K filed December 1, 2015 or in our other filings with the
SEC, could harm our business, prospects, results of operations,
liquidity and financial condition, could cause our stock price to
decline significantly or could require us to scale back or cease
operations. Except as required by applicable law, we are under no
obligation to publicly update or revise any forward-looking
statements.
CONTACT:
Liquid Investor Relations
ir@liquidholdings.com
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