AIG reaches standstill agreement with lender, becomes APEN

Listed AIG Private Equity has reached a standstill agreement with the banking consortium that extended a $100m credit facility to the company. The outstanding balance under the credit facility is approximately $86m. As part of the standstill agreement, the company repaid $2m immediately.

During the standstill period, the company will be required to abide by certain agreed covenants, which comprise the creation of a pledge in favour of the banking consortium. AIG Private Equity has been seeking financing from new investors and has received initial proposals from a number of potential investors, which are under review.

At the annual general meeting held on 2 June, the firm changed its name from AIG Private Equity Ltd to APEN Ltd.

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