How Foreign Investors Became Involved
Following Alpha Media completing its reorganization
in July 2021, the company is currently owned by the sponsors that held second lien note claims prior to the chapter 11 process. Delaware-based MetLife Private Equity Holdings holds the biggest share at 41.7%, followed by Florida Growth Fund (27.4%) and the Hamilton Lane Strategic Opportunities 2016 Fund (21.6%) – both of which are also based in Delaware. The only overseas owner is the Cayman Islands-based ICG North America Holdings, which holds a 5.7% equity interest. But Alpha Media says its reorganization plan would likely mean that a “substantial majority” of the new equity warrants would be held by foreign entities, pushing its non-U.S. ownership beyond 25%.
In the second step of the reorganization, Alpha tells the FCC that two groups with foreign sponsors would take sizable equity positions in the company. Alpha says Intermediate Capital Group would own a 39.1% stake in the company. It has ties to the U.K., Cayman Islands, and the British Virgin Islands. Separately, BigSur Capital Partners would hold a 6.3% stake. It has ties to the Bahamas, Netherlands, British Virgin Islands, Cayman Islands, and New Zealand.
