Highland Distressed Opportunities, Inc. (the �Company�) (NYSE: HCD)
today announced its financial results for the third quarter ended
September 30, 2008. Highlights for the quarter ended September 30,
2008: Stockholders' Equity (Net Assets): $118.5 million Total
Portfolio Market Value: $174.3 million Net Asset Value per share:
$6.69 � Operating Results (in thousands, except per share amounts):
Net decrease in stockholders' equity (net assets) from operations:
$7,103 Net investment income: $1,972 Net realized and unrealized
losses on investments: $9,076 Distributions to stockholders per
share: $0.1500 � Portfolio Investment Activity: Cost of investments
purchased during period: $40.7 million Proceeds from disposition of
investments during period: $26.3 million Number of portfolio
companies as of September 30, 2008: 45 Portfolio and Investment
Activity The following table summarizes the historical composition
of our investment portfolio, exclusive of cash and cash
equivalents, as a percentage of total investments. � Senior Loans �
Corporate Notes and Bonds � Claims � Equity Interests � September
30, 2008 60.5 % 24.9 % 0.7 % 13.9 % June 30, 2008 68.1 % 27.0 % 0.2
% 4.7 % March 31, 2008 49.7 % 40.4 % 0.5 % 9.4 % December 31, 2007
48.4 % 34.8 % 0.5 % 16.3 % September 30, 2007 50.3 % 34.4 % 1.2 %
14.1 % June 30, 2007 45.9 % 35.4 % 0.8 % 17.9 % March 31, 2007 76.7
% 21.1 % 0.8 % 1.4 % Bank debt typically accrues interest at
variable rates determined by reference to a base lending rate, such
as LIBOR or prime rate, and typically will have maturities of 3 to
5 years. Corporate notes and bonds will typically accrue interest
at fixed rates and have stated maturities at origination that range
from 5 to 10 years. At September 30, 2008, the weighted average
cost yield of our portfolio investments, exclusive of cash and cash
equivalents, was approximately 6.8%. At September 30, 2008, the
weighted average cost yield of our investments in senior loans and
corporate notes and bonds was approximately 7.4%. Yields are
computed assuming a fully settled portfolio; using interest rates
as of the report date and include amortization of senior loan
discount points, original issue discount and market premium or
discount; weighted by their respective costs when averaged. As of
September 30, 2008, approximately 54.3% of our portfolio consisted
of investments in 10 issuers. Additional information regarding
these specific investments has been outlined below. This additional
information is limited to publicly available information, and does
not address the creditworthiness or financial viability of the
issuer, or the future plans of the Company as it relates to a
specific investment. Furthermore, while the objective of the
Company is to invest primarily in financially-troubled or
distressed companies, the Company can and does invest in issuers
that are not financially-troubled or distressed at the time of
investment. The Company may have sold some, or all, of the
positions outlined below subsequent to September 30, 2008.
Azithromycin Royalty Sub, LLC � The Azithromycin Royalty Sub, LLC,
a wholly-owned subsidiary of InSite Vision Inc., was established to
issue senior secured bonds backed by the royalty cash stream from
the sales of azithromycin ophthalmic solution, a branded
pharmaceutical sold under the brand name AzaSite(R) and marketed by
Inspire Pharmaceuticals, Inc. The solution is used to treat
conjunctivitis. The Azithromycin Royalty Sub, LLC is entitled to
minimum cash flows from Inspire Pharmaceuticals over the next five
years and the entity is obligated to utilize any cash flows in
excess of interest expense to pay down principal. More information
can be found at www.azasite.com. � Baker & Taylor, Inc. � Baker
& Taylor, Inc. ("B&T") is engaged in the distribution of
books, music, video and game products. In addition, unique
information services built around the B&T's proprietary
databases as well as specialized consulting and outsourcing
services are provided to customers. Customers include retailers
(including Internet retailers), public, academic and school
libraries and various departments of federal and local governments.
B&T distributes its products throughout the United States and
worldwide. � Celtic Pharma Phinco B.V. � Celtic Pharmaceuticals
Phinco B.V. ("Celtic Pharma") is a private investment fund with a
mandate to purchase a diversified portfolio of novel pharmaceutical
products in the later stages of development that have already
demonstrated initial proof of principle efficacy in human clinical
trials. Celtic Pharma has $250 million of equity commitments in
addition to raising $156 million of high-yield bonds. Celtic Pharma
has invested in nine drug programs since its 2004 inception. More
information can be found at www.celticpharma.com. � Comcorp
Broadcasting, Inc. � Comcorp Broadcasting, Inc. ("ComCorp") is a
privately-held regional broadcasting company based in Lafayette,
LA. ComCorp operates 23 TV stations in 10 markets in Texas,
Louisiana, and Indiana. ComCorp filed for bankruptcy in June 2006
after it was unable to meet its ongoing debt obligations. ComCorp,
and its direct and indirect subsidiaries, exited bankruptcy with an
effective date of October 4, 2007 under reorganization plans filed
("Plans") with the United States Bankruptcy Court in the Western
District of Louisiana (Case No. 06-50410). Copies of the Plans and
the Confirmation Orders may be downloaded, without cost, at
www.kccllc.net/cca, or be requested free of charge by calling
Kurtzman Carson Consultants LLC at 1-866-381-9100. � Fontainebleau
Florida Hotel, LLC � Fontainebleau Resorts, LLC ("Fontainebleau")
is led by Chairman Jeffrey Soffer, who also serves as Chief
Executive Officer of Turnberry, Ltd., a creator of luxury
condominium and condominium-hotel developments, and President and
Chief Financial Officer Glenn Schaeffer, a former Chief Executive
Officer of Mandalay Resort Group. Fontainebleau Miami Beach is a
resort located in Miami Beach, Florida. Fontainebleau plans to
renovate and expand this property into a 22-acre destination
resort. More information can be found at www.bleaumiamibeach.com. �
Genesys Ventures IA, LP � Genesys Ventures IA, LP, a limited
partnership with Genesys Capital Partners of Toronto, Ontario, was
established to hold the preferred equity of three late-stage
venture companies: Epocal, Inc., Affinium Pharmaceuticals, Ltd.,
and NeurAxon, Inc. Epocal, Inc. is a point of care diagnostic
company that designs and manufactures blood gas, electrolyte and
metabolite testing devices. Affinium Pharmaceuticals, Inc. is a
pharmaceutical company focused on the discovery, development and
commercialization of novel anti-infective medicines stemming from
the bacterial fatty acid synthesis II pathway. NeurAxon, Inc. is a
CNS (central nervous system) research and development company that
is currently developing new drugs for the treatment of pain and
other CNS disorders such as epilepsy and depression. More
information can be found at www.epocal.com, www.afnm.com, and
www.nrxn.com. � Lake at Las Vegas Joint Venture, LLC � Lake at Las
Vegas Joint Venture, LLC ("LLV") is a 3,592-acre resort and
destination community and is one of the larger master-planned
communities in Las Vegas, NV. The development is located
approximately 17 miles from the Las Vegas strip. On July 17, 2008,
LLV filed to reorganize under Chapter 11 of the Bankruptcy Code,
citing a combination of poor liquidity, substantial debt service,
extremely challenging real estate market conditions and other legal
and financial issues. More information can be found at
www.lakelasvegas.com, at www.kccllc.net/llv, or by calling Kurtzman
Carson Consultants LLC at 1-866-248-3389. � LVI Services, Inc. �
LVI Services, Inc. ("LVI") is a remediation and facility services
firm serving commercial, industrial, retail, government, healthcare
and education end markets. From a nationwide branch network, LVI
provides asbestos abatement, soft and structural demolition, mold
remediation, emergency response, fireproofing, decontamination and
decommissioning, lead-based paint abatement and infection control.
More information can be found at www.lviservices.com. � TARH
E&P Holdings, L.P. � Texas American Resources E&P Holdings
(TARH) is a privately-held, independent energy company
headquartered in Austin, TX. It focuses on the acquisition and
exploitation of proved or near-proved oil and natural gas assets
located in the mature producing basins of the onshore Texas and
Rocky Mountain regions. � Wm. Wrigley Jr. Company � Wm. Wrigley Jr.
Company ("Wrigley") is a recognized leader in confections with a
wide range of product offerings including gum, mints, hard and
chewy candies, lollipops, and chocolate. Wrigley distributes its
world-famous brands in more than 180 countries. On October 6, 2008,
Wrigley was acquired by Mars, Incorporated, a privately-held maker
of global candy brands, in a transaction valued at approximately
$23 billion. The combined entity creates the largest global
confectionary and consumer goods business. Results of Operations
Results comparisons are for the three and nine months ended
September 30, 2008 and 2007. These comparisons between current and
prior periods may not necessarily be meaningful as we initially
funded on January 18, 2007 (commencement of operations). Operating
results for the three and nine months ended September 30, 2008 and
September 30, 2007 are as follows: � For the Three Months Ended
September 30, � For the Nine Months Ended September 30, 2008 � 2007
2008 � 2007 Total investment income $ 4,086,448 $ 9,521,216 $
18,458,396 $ 20,751,585 Net expenses $ (2,113,994 ) $ (5,255,267 )
$ (8,954,579 ) $ (9,023,284 ) Net investment income $ 1,972,454 $
4,265,949 $ 9,503,817 $ 11,728,301 Net realized and unrealized
gain/(loss) on investments $ (9,075,613 ) $ (30,386,390 ) $
(61,019,714 ) $ (37,049,465 ) Net increase / (decrease) in
stockholders� equity (net assets) resulting from operations $
(7,103,159 ) $ (26,120,441 ) $ (51,515,897 ) $ (25,321,164 ) � (a)
Highland Distressed Opportunities, Inc. commenced operations on
January 18, 2007. Investment Income We primarily generate revenue
in the form of interest income on the debt securities that we own,
dividend income on any common or preferred stock that we own, and
capital gains, if any, on investment securities that we acquire and
subsequently sell. We also may acquire investments, which may pay
cash or in-kind dividends on a recurring or otherwise negotiated
basis. Investment income for the three and nine months ended
September 30, 2008 was approximately $4.1 million and $18.5
million, respectively, of which approximately $0.0 million and $0.1
million, respectively, was attributable to invested cash and cash
equivalents and approximately $4.1 million and $18.4 million,
respectively, was attributable to portfolio investments. For the
three and nine months ended September 30, 2008, of the
approximately $4.1 million and $18.4 million, respectively, in
investment income from investments other than cash and cash
equivalents, approximately $0.1 million and $2.2 million,
respectively, of PIK interest income was recorded. In comparison,
investment income for the three and nine months ended September 30,
2007 was approximately $9.5 million and $20.8 million,
respectively, of which approximately $0.1 million and $0.8 million,
respectively, was attributable to invested cash and cash
equivalents and approximately $9.4 million and $20.0 million,
respectively, was attributable to portfolio investments. Operating
Expenses Operating expenses for the three and nine months ended
September 30, 2008 were approximately $2.1 million and $9.8
million, respectively. These amounts consisted of advisory fees of
approximately $0.9 million and $3.6 million, incentive fees of $0
and approximately $1.7 million, interest expense and credit
facility fees of approximately $0.6 million and $2.7 million, and
administrative fees, accounting fees, professional fees, directors�
fees, taxes and other expenses of approximately $0.6 million and
$1.8 million, respectively, for the three and nine months ended
September 30, 2008. For the comparative three and nine month
periods a year earlier, operating expenses were approximately $6.0
million and $12.6 million, respectively. Included in operating
expenses were advisory fees of approximately $2.2 million and $4.5
million, incentive fees of $0 and approximately $1.3 million,
interest expense and credit facility fees of approximately $3.1
million and $5.2 million, and administrative fees, accounting fees,
professional fees, directors� fees, taxes and other expenses of
approximately $0.7 million and $1.6 million, respectively, for the
three and nine months ended September 30, 2007. Additionally, for
the three and nine months ended September 30, 2008, the Investment
Adviser voluntarily waived incentive fees of $0 and approximately
$0.8 million, respectively. Net Investment Income The Company�s net
investment income for the three and nine months ended September 30,
2008 was approximately $2.0 million and $9.5 million, respectively,
versus net investment income of approximately $4.3 million and
$11.7 million, respectively, for the three and nine months ended
September 30, 2007. Net Unrealized Appreciation/Depreciation on
Investments For the three and nine months ended September 30, 2008,
the Company�s investments had net unrealized depreciation of
approximately $4.0 million and $22.9 million, respectively. This
compares to net unrealized depreciation on the Company�s
investments of approximately $22.9 million and $29.8 million,
respectively, for the three and nine months ended September 30,
2007. Net Realized Gains/Losses For the three and nine months ended
September 30, 2008, the Company had net realized losses on
investments of approximately $5.1 million and $38.1 million,
respectively, compared to net realized losses on investments of
approximately $7.5 million and $7.3 million, respectively, for the
three and nine months ended September 30, 2007. Net
Increase/Decrease in Stockholders� Equity (Net Assets) from
Operations For the three and nine months ended September 30, 2008,
the Company had a net decrease in stockholders� equity (net assets)
resulting from operations of approximately $7.1 million and $51.5
million, respectively, compared to a net decrease in stockholders�
equity (net assets) resulting from operations of approximately
$26.1 million and $25.3 million, respectively, for the three and
nine months ended September 30, 2007. For the three and nine months
ended September 30, 2008, the decrease in stockholders� equity (net
assets) resulting from operations was primarily attributable to net
unrealized depreciation on investments, as discussed above.
Financial Condition, Liquidity and Capital Resources We remain
committed to our total return investment objective by pursuing
risk-adjusted returns across market cycles and will continue to
focus on positioning our portfolio to benefit in weakened credit
markets. In light of the broader unprecedented market dislocation
that began at the end of the third quarter and continues into the
fourth quarter, we are encouraged by the opportunities at hand in
the current market environment as well as those that may be
presented. Until such time as we believe favorable to profit from
the market correction, the Investment Adviser is opportunistically
de-levering the Company�s investment portfolio with the objective
of positioning the Company for such circumstances. During the
quarter ended September 30, 2008, liquidity and capital resources
were generated primarily from cash flows from operations, including
investment sales and prepayments and income earned from investments
and cash equivalents. In June of this year, the Company entered
into a new credit facility with Liberty Street Funding LLC, as
conduit lender, and the Bank of Nova Scotia, acting through its New
York agency as secondary lender and agent. The Company may borrow
up to $100 million under the facility, subject to the satisfaction
of certain conditions including compliance with borrowing base
tests and asset coverage limits. The facility expires December 1,
2008. We are currently in negotiations with the facility provider
to extend the facility. Given the unprecedented conditions in the
financial system currently, it is not possible for management to
predict if and when the facility provider will extend the facility.
At September 30, 2008, the Company had $49.0 million in borrowings
outstanding. During the fourth quarter, we intend to use excess
funds to primarily repay borrowings under our credit facility, make
strategic investments to seek to meet our investment objectives and
strategies, to make cash distributions to holders of our common
stock and to pay fees and our operating expenses. During the nine
months ended September 30, 2008, the Company generated
approximately $97.4 million in cash flows from operations, of which
$93.0 million was used to repay borrowings under its credit
facilities and approximately $12.0 million used to make cash
distributions to holders of our common stock. Distributions We have
qualified and elected to be taxed as a regulated investment
company, or RIC, under Subchapter M of the Code. In order to
maintain our status as a RIC, we are required to meet specified
source-of-income and asset diversification requirements and must
distribute annually at least 90% of our investment company taxable
income. Additionally, we must distribute at least 98% of our income
(both ordinary income and net capital gains) to avoid an excise
tax. We intend to continue to qualify for the tax treatment
applicable to RICs under the Code, and, among other things,
continue to make the requisite distributions to our stockholders
which will relieve the Company from federal income taxes. We may
not be able to achieve operating results that will allow us to make
distributions at a specific level or to increase the amount of
these distributions from time to time. In addition, we may be
limited in our ability to make distributions due to the asset
coverage test for borrowings when applicable to us as a business
development company under the Investment Company Act of 1940 and
due to provisions in our credit facilities. If we do not distribute
a certain percentage of our income annually, we will suffer adverse
tax consequences, including possible loss of our status as a
regulated investment company. We cannot assure stockholders that
they will receive any distributions or distributions at a
particular level. On September 5, 2008, the Company�s Board
declared a third quarter distribution of $0.1500 per share
($2,657,516), which was paid on September 30, 2008 to common
stockholders of record on September 19, 2008. The Company has
established an �opt out� dividend reinvestment plan (the �Plan�)
for its common stockholders. As a result, if the Company declares a
cash distribution in future periods, a stockholder�s cash
distribution will be automatically reinvested in additional shares
of the Company�s common stock unless the stockholder specifically
�opts out� of the Plan and elects to receive cash distributions.
For the third quarter 2008 distribution, holders of approximately
1,613,998 shares participated in the Plan. As a result, of the
$2,657,516 total amount distributed, approximately $242,100 was
used by the Plan agent to purchase shares in the open market,
including fractions, on behalf of the Plan participants. On June 6,
2008, the Company�s Board declared a second quarter distribution of
$0.2625 per share ($4,650,652), which was paid on June 30, 2008 to
common stockholders of record on June 20, 2008. On March 7, 2008,
the Company�s Board declared a first quarter distribution of
$0.2625 per share ($4,650,652), which was paid on March 31, 2008 to
common stockholders of record on March 20, 2008. Conference Call
The Company invites all interested persons to participate in its
conference call on Monday, November 10, 2008 at 4:15 p.m. (Eastern
Time). The dial-in number for the call is (800) 768-6569. The pass
code for the conference call is 3436766. The Company will maintain
an audio replay of the call for one week following the call. The
replay dial-in number is (888) 203-1112. The replay pass code is
3436766. Please Note: In order to use your time efficiently and
answer your questions satisfactorily, the Company requests all
questions be submitted in advance of the call via the Company�s
website, www.highlandhcd.com. The question submission form may be
found the under the segment entitled �Contact Us�. Please select
�Conference Call Question� as your topic, enter your question in
the text box provided, and select �Submit�. The deadline for
submitting questions is Friday, November 7, 2008 at 4:00 p.m.
(Eastern Time). � HIGHLAND DISTRESSED OPPORTUNITIES, INC. STATEMENT
OF ASSETS AND LIABILITIES � � As of � September 30, 2008 As of
(unaudited) December 31, 2007 ($) ($) Assets: Investments in:
Unaffiliated issuers, at value (cost $217,672,705 and $345,348,887,
respectively) 132,519,208 284,085,088 Affiliated issuers, at value
(cost $39,497,023 and $26,677,127, respectively) 41,735,411 �
27,901,063 � Total investments, at value (cost $257,169,728 and
$372,026,014, respectively) 174,254,619 311,986,151 Cash and cash
equivalents � 4,291,098 Foreign currency (cost $3,176 and $0,
respectively) 3,102 � Receivable for: Investments sold 17,716,081
24,628,173 Dividend and interest 4,506,802 5,951,790 Other assets
154,586 � 66,712 � Total assets 196,635,190 � 346,923,924 � �
Liabilities: Due to Custodian 3,224,095 � Notes payable 49,000,000
142,000,000 Net discount and unrealized depreciation on unfunded
transactions 11,863 16,228 Payables for: Investments purchased
24,299,665 19,387,884 Investment advisory fee 919,733 1,812,285
Administration fee 160,953 317,150 Incentive fee � 383,951 Interest
expense 195,259 759,465 Directors� fees 2,006 592 Accrued expenses
and other liabilities 281,281 � 231,317 � Total liabilities
78,094,855 � 164,908,872 � Stockholders� equity (net assets)
118,540,335 � 182,015,052 � � Composition of stockholders� equity
(net assets): Common Stock, par value $.001 per share: 550,000,000
common stock authorized, 17,716,771 common stock outstanding 17,717
17,717 Paid-in capital 253,163,644 253,163,644 Undistributed net
investment income 965,144 3,420,147 Accumulated net realized
gain/(loss) on investments, total return swaps and foreign currency
transactions (52,679,469 ) (14,547,689 ) Net unrealized
appreciation/(depreciation) on investments, unfunded transactions
and translation of assets and liabilities denominated in foreign
currency (82,926,701 ) (60,038,767 ) Stockholders� equity (net
assets) 118,540,335 � 182,015,052 � � Net Asset Value Per Share
(Net Assets/Common Stock Outstanding) 6.69 � 10.27 � � HIGHLAND
DISTRESSED OPPORTUNITIES, INC. STATEMENT OF OPERATIONS � � For the
Three Months Ended � For the Nine Months Ended September 30, 2008 �
September 30, 2007 September 30, 2008 � September 30, 2007(a)
(unaudited) (unaudited) (unaudited) (unaudited) ($) ($) ($) ($)
Investment Income: Interest income from unaffiliated issuers
2,758,382 9,345,514 17,089,645 19,796,684 Interest income from
affiliated issuers 1,328,066 � 1,328,066 � Unaffiliated dividends
(net of foreign taxes withheld) � � 175,702 � 40,685 � 954,901 �
Total investment income 4,086,448 � 9,521,216 � 18,458,396 �
20,751,585 � � Expenses: Investment advisory fees 919,733 2,207,594
3,566,640 4,493,525 Incentive fees � � 1,680,346 1,326,507
Administration fees 160,953 386,356 624,162 786,367 Accounting
service fees 41,777 37,934 119,027 89,063 Transfer agent fees 8,241
8,192 23,367 19,233 Professional fees 243,867 133,266 582,386
234,356 Directors� fees 4,927 10,334 16,788 24,263 Custody fees
6,427 15,450 28,573 38,673 Registration fees 6,032 8,072 18,065
8,072 Reports to stockholders 20,583 10,982 41,554 49,371 Delaware
franchise tax expense 9,115 27,357 38,951 48,455 Organization
expense � � � 170,383 Rating agency fees 10,386 24,506 40,148
32,497 Interest expense 615,401 3,083,273 2,726,479 5,216,061 Other
expense 66,552 � 46,785 � 258,070 � 80,954 � Total operating
expenses 2,113,994 6,000,101 9,764,556 12,617,780 Fees and expenses
waived or reimbursed by Investment Adviser � � (744,834 ) (809,977
) (3,594,496 ) Net expenses 2,113,994 � 5,255,267 � 8,954,579 �
9,023,284 � Net investment income 1,972,454 � 4,265,949 � 9,503,817
� 11,728,301 � � Net Realized and Unrealized Gain/(Loss) on
Investments: Net realized gain/(loss) on investments (5,099,876 )
(7,645,111 ) (38,131,772 ) (7,401,030 ) Net realized gain/(loss) on
total return swaps � 137,821 � 172,955 Net realized gain/(loss) on
foreign currency transactions (3 ) 18,914 (8 ) (26,660 ) Net change
in unrealized appreciation / (depreciation) on investments
(3,971,133 ) (22,906,625 ) (22,875,246 ) (29,833,092 ) Net change
in unrealized appreciation / (depreciation) on unfunded
transactions (1,807 ) � (11,863 ) � Net change in unrealized
appreciation / (depreciation) on translation of assets and
liabilities denominated in foreign currency (2,794 ) 8,611 � (825 )
38,362 � Net realized and unrealized gain/(loss) on investments
(9,075,613 ) (30,386,390 ) (61,019,714 ) (37,049,465 ) Net
increase/(decrease) in stockholders� equity (net assets) resulting
from operations (7,103,159 ) (26,120,441 ) (51,515,897 )
(25,321,164 ) � (a) � Highland Distressed Opportunities, Inc.
commenced operations on January 18, 2007. About Highland Distressed
Opportunities, Inc. Highland Distressed Opportunities, Inc. (the
�Company�, �we,� �us� and �our�) is a recently-organized,
non-diversified closed-end company that has elected to be regulated
as a business development company under the Investment Company Act
of 1940. The Company�s investment objective is total return
generated by both capital appreciation and current income. We
intend to invest primarily in financially-troubled or distressed
companies that are either middle-market companies or unlisted
companies by investing in senior secured debt, mezzanine debt and
unsecured debt, each of which may include an equity component, and
in equity investments. Generally, distressed companies are those
that (i) are facing financial or other difficulties and (ii) are or
have been operating under the provisions of the U.S. Bankruptcy
Code or other similar laws or, in the near future, may become
subject to such provisions or otherwise be involved in a
restructuring of their capital structure. This press release may
contain forward-looking statements describing the Company�s future
plans and objectives. These forward-looking statements, as well as
future oral and written statements by the management of the
Company, are subject to various risks and uncertainties, which
could cause actual results and conditions to differ materially from
those projected, including the uncertainties associated with the
timing of transaction closings, changes in interest rates,
availability of transactions, the future operating results of our
portfolio companies, changes in regional, national, or
international economic conditions and their impact on the
industries in which we invest, or changes in the conditions of the
industries in which we invest, and other factors enumerated in our
filings with the Securities and Exchange Commission (�SEC�). We may
use words such as �anticipates,� �believes,� �expects,� �intends,�
�will,� �should,� �may,� �plans,� �could,� �estimates,�
�potential,� �continue,� �target,� or the negative of these terms
or other similar expressions to identify forward-looking
statements. Undue reliance should not be placed on such
forward-looking statements as such statements speak only as of the
date on which they are made. We do not undertake to update our
forward-looking statements, whether as a result of new information,
future events or otherwise, unless required by applicable law.
Persons considering an investment in the Company should consider
the investment objective, risks, and charges and expenses of the
Company carefully before investing. Such information and other
information about the Company will be available in our annual
report on Form 10-K, in our quarterly reports on Form 10-Q and
current reports on Form 8-K. Such materials are filed with the SEC
and copies are available on the SEC�s website, www.sec.gov.
Prospective investors should read such materials carefully before
investing.
Grafico Azioni Highland Distressed Opportunities, Inc. (NYSE:HCD)
Storico
Da Gen 2025 a Feb 2025
Grafico Azioni Highland Distressed Opportunities, Inc. (NYSE:HCD)
Storico
Da Feb 2024 a Feb 2025