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February 10, 2003 at 07:00 PM
NEW YORK (HedgeWorld.com)–Daniel Arbess left Triton Partners and is forming a new distressed debt strategy at a new firm called Xerion Capital Partners.
Mr. Arbess was head of special situations at Triton Partners LLC and portfolio manager of the Triton Partners Inflection Fund, which is now reportedly being wound down. After the fund’s opening last September, Mr. Arbess was busily investing in distressed debt for the Inflection Fund in November when he detailed a deal with NCI Holdings.
Mr. Arbess was involved the acquisition of NCI’s distressed bonds followed by the launch of an exchange offer that lead to the funding of a new mezzanine vehicle and then the purchase of a senior secured term loan. The deal was negotiated with major bondholders and NCI over a period of several months. Those bondholders included American Express, Putnam and Salomon.
Overall, Triton Partners had US$1.5 billion in alternative fixed-income strategies as of November and had structured a number of deals similar to NCI totaling US$50 million.
