NEW YORK, Oct. 13, 2015 /PRNewswire/ -- American Securities Opportunities Management LLC, the investment manager of the American Securities Opportunities Funds and an affiliate of American Securities LLC ("American Securities"), announced today that the firm and its funds have been renamed Ascribe Capital LLC ("Ascribe Capital") and Ascribe Opportunities Funds, respectively. Ascribe Capital makes investments in securities of companies that are distressed or undergoing operational, financial, or other stress and securities trading at a discount to intrinsic value.
Lawrence First, Chief Investment Officer of the newly renamed Ascribe Capital said, "Now well into investing our third fund, we believe that we have created a distinct identity that differentiates us. While our name has changed, it's important to underscore that our firm continues to operate under the same ownership, with the same talented investment team, the same strategy, and the same level of support from American Securities. Furthermore, we remain committed to applying our value-based investment approach in a disciplined manner."
Ascribe Capital continues to see attractive, risk-adjusted opportunities in the middle market where the firm has focused since its inception in 2006. The firm is currently investing from its $1.04 billion third fund, which closed in 2014 with strong support from its global investor base that includes leading asset managers, insurance companies, pension funds, and sovereign wealth funds.
Ascribe Capital has the ability to invest across the entire capital structure, make loans to – and equity or equity-like investments in – stressed companies, fund recapitalizations, provide debtor-in-possession loans and exit financings, and invest in securities in order to fund both in-court and out-of-court restructuring plans. The firm can participate in both control and non-control investments.
About Ascribe Capital LLC
Ascribe Capital makes attractive risk-adjusted investments in securities of companies that are distressed or undergoing operational, financial, or other stress and securities trading at a discount to intrinsic value. The firm's strategy includes making control, as well as non-control, investments. Ascribe Capital has more than $2 billion under management. The firm is affiliated with American Securities LLC.
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SOURCE American Securities LLC