- Principal Street Partners was sole qualified bidder for firm
- Greenwich Investment Management filed for bankruptcy in May
Principal Street Partners, a Memphis-based investment firm, will acquire the clients of a bankrupt money manager that specialized in buying high-yield bonds issued for senior living facilities and charter schools.
A US Bankruptcy Court judge in the Middle District of Florida on Thursday approved the sale of Greenwich Investment Management to PSP, which runs high-yield and distressed muni separately managed accounts.
PSP, the sole qualified bidder, agreed to pay GIM $25,000 and 15% of management fees collected from GIM clients who sign new contracts for a period of three years after the sale closes. PSP had about $2.9 billion of assets under management as of Dec. 31 2023, according to documents filed with the US Securities and Exchange Commission.
Bloomberg Markets
By Martin Z Braun
December 6, 2024