Kestrel Financial Advisor in Chapter 11 Bankruptcy
June 2013 – England Securities acted as the exclusive investment banker to Kestrel Technologies, Inc. (“Kestrel”) in the sale of substantially all of its assets to BondHawk Systems, LLC (“BondHawk”). This sale was effectuated through a Chapter 11 Section 363 process.
Kestrel, a leading provider of software solutions for fixed income trading, portfolio management, and market connectivity, filed for Chapter 11 protection in the U.S. Bankruptcy Court for the Southern District of New York in December 2012. England was retained as Kestrel’s investment banker and financial advisor for the purpose of arranging DIP financing and soliciting offers to acquire Kestrel’s assets. The sale was approved by the Bankruptcy Court in May 2013 and closed in June 2013.
Kestrel’s software is a comprehensive fixed income trading and risk management system that is applicable to both sell-side and buy-side institutions, providing sophisticated, real-time fixed income pricing, order management, execution management, and risk management functionality for bulge-bracket and regional dealers, hedge funds, and traditional asset managers. Over the last fifteen years, many of the world’s largest securities firms used Kestrel’s products, including UBS Securities, ABN Amro, Mizuho Securities, NatWest Securities, Seix Investment Advisors (SunTrust) and Standish Mellon Asset Management. Kestrel’s largest institutional owners included First Union Capital Partners, Jefferies & Company, and Thomson Ventures.
BondHawk provides software solutions and services for the fixed income marketspace, including trading, portfolio management and market connectivity. Headquartered in Chicago, IL, BondHawk is a privately held company led by the former President of SunGard Futures Systems.