Wilmington Trust Clarifies Role in Oriental Trading Company, Inc. Bankruptcy Case
Wilmington Trust Company (August 26, 2010)
Wilmington, DE, August 26, 2010 - Wilmington Trust, a leading provider of institutional trustee, agency, and administrative services through its Corporate Client Services (CCS) business, said today that it is not providing credit to Oriental Trading Company, Inc., which filed for Chapter 11 protection on August 25, 2010, in the United States Bankruptcy Court for the District of Delaware.
Recent news reports may have led readers to believe that Wilmington Trust is providing credit to Oriental Trading Company. In fact, Wilmington Trust is not a lender to Oriental Trading Company, despite the bankruptcy filing's listing of Wilmington Trust among Oriental Trading Company's largest unsecured creditors. Wilmington Trust is serving as administrative agent for holders of approximately $271.5 million of debt issued by Oriental Trading Company. Wilmington Trust has no credit exposure to Oriental Trading Company or any of its subsidiaries. Through its CCS business, Wilmington Trust is paid a fee for providing these services. The bankruptcy filing of Oriental Trading Company has no effect on Wilmington Trust's balance sheet, credit quality, or financial condition.
Wilmington Trust's CCS business offers institutional trustee, agency, asset management, retirement plan, and administrative services for clients worldwide who use capital market 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 services, 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-netªworth 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.