Formosa Liberty Corporation restructures exchange traded and other defaulted debt instruments. The Company currently has a portfolio of over 10,000 defaulted debt instruments including 5000 Euronext traded bonds.
Lewes, DE -- (ReleaseWire) -- 09/10/2015 --Formosa Liberty has entered into the initial stages of a funding arrangement with the Singapore based Foundation Capital Pte. Ltd. Under the agreement with Foundation Capital, the Singapore firm will make a best effort attempt to locate and deliver funding for the bond collection, litigation costs and defaulted debt restructuring efforts of Formosa Liberty. Foundation Capital Pte. Ltd is a venture capital and corporate advisory firm. The firm focuses on listing advisory as well as merger and acquisitions and reverse takeovers.
Foundation Capital reports that it is already in serious negotiations with potential Asian funders and that a deal should be consummated within 90 days. Formosa Liberty has instructed its legal counsel to immediately begin bringing administrative claims against the Republic of China in Taipei. In 1987, the People's Republic of China (Beijing) partially settled outstanding claims by UK holders of Chinese bonds leaving the vast majority of bondholders outside England as well as some UK holdouts looking for other collection outlets. Formosa Liberty believes the key to collection is to pursue the original issuer, the Republic of China, which is still the government of Taiwan.
Certain statements contained in this press release constitute forward-looking information. These statements relate to future events or future performance. The use of any of the words "will" and similar expressions and statements relating to matters that are not historical facts are intended to identify forward-looking information and are based on the Corporation's current belief or assumptions as to the outcome and timing of such future events. Actual future results may differ materially. Various assumptions or factors are typically applied in drawing conclusions or making the forecasts or projections set out in forward-looking information. Those assumptions and factors are based on information currently available to the Corporation. The forward-looking information contained in this release is made as of the date hereof and the Corporation is not obligated to update or revise any forward-looking information, whether as a result of new information, future events or otherwise, except as required by applicable securities laws. Because of the risks, uncertainties and assumptions contained herein, investors should not place undue reliance on forward-looking information. The foregoing statements expressly qualify any forward-looking information contained herein.
Typically the longer sovereign debt has been in default, the less likely a settlement. Some debt is so old that the bonds have more current value as a historical document than as a security. Sovereign bonds that no longer trade on an exchange and have no current ISIN number should not be referred to as a security per se and are listed on the Company books as having no value. There can be no assurance that the Company will be able to successfully redeem the bonds in its inventory. Formosa Liberty makes no representation that defaulted sovereign debt can be redeemed or restructured successfully as a successful settlement depends on many factors beyond the control of bondholders of the Company.