First meeting of Three Arrows Capital's creditors to take place on July 18
Quick Take
- Teneo will host the first meeting of 3AC’s creditors on July 18, sources tell The Block.
- The firm has also launched a dedicated website for 3AC creditors.
The first meeting of Three Arrows Capital's (3AC's) creditors is taking place on July 18, three sources with direct knowledge of the matter told The Block.
The meeting will be hosted by financial advisory firm Teneo, which is the court-appointed liquidator of 3AC, the sources said.
Law firm Ogier, which has been appointed to advise Teneo — specifically, joint liquidators Russell Crumpler and Christopher Farmer of Teneo (BVI) Limited — also stated last week that the meeting will occur July 18.
Teneo has created a dedicated website for creditors to update them and the public on the latest developments around the 3AC's liquidation process. The details of the first meeting will be available on this website, according to Ogier.
The specific agenda of the meeting isn't clear. But one source told The Block that Teneo could establish a creditor board representing creditors of 3AC and announce the progress of the liquidation process in the meeting.
It is unclear whether the meeting will be live-streamed publicly. Ogier or Teneo did not immediately respond to The Block's requests for comment.
3AC was placed in liquidation on June 27 following an order of the Eastern Caribbean Supreme Court in the British Virgin Islands (BVI's) High Court of Justice. Per the court order, Teneo was appointed to handle the liquidation of 3AC.
On July 1, 3AC filed Chapter 15 bankruptcy in the Southern District of New York, seeking protection from creditors. Earlier today, a judge in the Southern District of New York's bankruptcy court granted an order for provisional relief, giving the joint liquidators of Teneo control of known assets and granting the ability to serve subpoenas to founders and firms with pertinent information.
Amid these proceedings, the founders of 3AC — Su Zhu and Kyle Davies — have remained almost unreachable by Teneo and other parties involved. Court documents show that both had "failed to cooperate" during the process.
"While persons identifying themselves as 'Su Zhu' and 'Kyle' were present on the Zoom call, their video was turned off and they were on mute at all times with neither of them speaking despite questions being
posed to them directly," the latest court document states.
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