(Source: Wilmington Trust) – Wilmington Trust, a leading provider of institutional trustee, agency, and administrative services through its Corporate Client Services (CCS) business, said today that it has been appointed by the United States Trustee to serve as a member of the unsecured creditors’ committee in the bankruptcy of The Great Atlantic & Pacific Tea Company, Inc. (A&P), which filed for Chapter 11 protection on December 12, 2010, in the United States Bankruptcy Court for the Southern District of New York.
Wilmington Trust is serving as indenture trustee for holders of approximately $630 million of debt issued by A&P, whose bankruptcy filing involves no credit exposure or investment risk to Wilmington Trust. As a result, the filing has no effect on Wilmington Trust’s balance sheet, credit quality, or financial condition. Through CCS, Wilmington Trust is paid a fee for its services in the A&P case.
Wilmington Trust has served on the unsecured creditors’ committee for several of the largest corporate bankruptcies in American history, including those of Lehman Brothers Holdings, Inc., General Motors Corporation, and Washington Mutual, Inc. CCS offers institutional trustee, agency, asset management, retirement plan, and administrative services for clients worldwide who use capital markets financing structures, as well as those who seek to establish or maintain nexus, or legal residency, for special purpose entities. Because Wilmington Trust does not underwrite securities offerings or provide investment banking, it is able to deliver corporate trust services that are conflict-free.
Wilmington Trust Corporation (NYSE: WL) is a financial services holding company that provides Regional Banking services throughout the mid-Atlantic region, Wealth Advisory services to high-net-worth clients in 36 countries, and Corporate Client services to institutional clients in 89 countries. Its wholly owned bank subsidiary, Wilmington Trust Company, which was founded in 1903, is one of the largest personal trust providers in the United States and the leading retail and commercial bank in Delaware. Wilmington Trust Corporation and its affiliates have offices in Arizona, California, Connecticut, Delaware, Florida, Georgia, Maryland, Massachusetts, Michigan, Minnesota, Nevada, New Jersey, New York, Pennsylvania, South Carolina, Vermont, the Cayman Islands, the Channel Islands, London, Dublin, Frankfurt, Luxembourg, and Amsterdam. For more information, visit www.wilmingtontrust.com.