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An affiliate of Stamford-based Aladdin Capital Holdings L.L.C. completed fundraising on a $573 million fund to invest in rescue financing and debtor-in-possession financing.
DIP financing is used by companies to continue operating during Chapter 11 bankruptcy restructuring, giving such lenders precedence over others holding debt or equity in the case of any dissolution of assets.
Aladdin Credit Partners is run by Luke Gosselin and Victor Russo, with Gosselin most recently the head of private principal finance at Goldman Sachs & Co., and Russo the former president of the CIT Business Credit subsidiary of CIT Group Inc.
