The firm had approximately $2 billion under management as of year-end 2020
Beleaguered private lender Bridging Finance Inc. is now being considered for potential acquisition by a “broad range” of bidders, according to PricewaterhouseCoopers.
PwC – which is managing the lender’s affairs amid a wide-ranging investigation by the Ontario Securities Commission, leading to former Bridging executive David Sharpe being fired in May – said that it will begin to move to sell some or all of Bridging’s loan portfolio and assets, once court approval is received.
As of the end of 2020, Bridging had approximately $2 billion under management. The firm filed for bankruptcy protection in June.
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PwC said that it had already received indicators of interest from multiple parties – including BlackRock Inc. and Canaccord Genuity Group Inc., who were described by people familiar with the matter as being in “advanced talks” to buy Bridging.
BlackRock is one of Bridging’s creditors. Last year, Bridging attempted to raise $100 million in debt to refinance a $70 million existing facility from BlackRock.
The OSC, which continues to investigate the case, said that it has uncovered evidence of mismanagement and conflicts of interest. Most notably, Sharpe allegedly received clandestine payments from a company related to a Bridging client, Bloomberg reported.
