Items Tagged with 'First NLC Financial Services LLC'

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  • First NLC Files for Bankruptcy

    First NLC Financial Services, LLC will file for Ch.11 bankruptcy protection and liquidate its assets after efforts to recapitalize and sell the ailing subprime lender failed. First NLC, the origination subsidiary of Friedman, Billings, Ramsey Group, Inc., was to be sold to an affiliate of Sun Capital Partners in a deal to recapitalize First NLC, announced last July. FBR was to invest $15 million as part of the recapitalization plan.
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  • Full Circle: FBR to Sell First NLC to Sun Capital

    Friedman, Billings, Ramsey Group, Inc. said on Thursday that it will sell most of First NLC Financial Services, LLC to an affiliate of Sun Capital Partners in a deal worth $75 million. Under the terms of the deal, FBR will invest $15 million as part of a recapitalizatin of the subprime originator, with the remaining funds coming from Sun Capital.
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