Highland Distressed Opportunities, Inc. (the “Company”) (NYSE: HCD)
today announced that due to a potential issue relating to the record
date for the special meeting of stockholders of the Company previously
called to consider the reorganization of the Company into Highland
Credit Strategies Fund (NYSE: HCF), it expects to set a new record date
and meeting date and to re-solicit Company stockholders. The Company
also stated that stockholders who had submitted proxies had voted
overwhelmingly (over 95%) in favor of the reorganization, although there
can be no assurances that stockholders will vote in favor of the
reorganization at the upcoming meeting. The Company expects to mail
supplemented proxy materials later this month. The Company also updated
its guidance on the timing of the reorganization, which, subject to
stockholder approval and the satisfaction or waiver of certain
conditions, is currently expected to occur in June 2009.
Stockholders of Highland Distressed Opportunities, Inc. should read
the supplemented proxy statement/prospectus to be filed with the
Securities and Exchange Commission (the "SEC") because it will contain
important information. These materials will be available for free
at the SEC's web site at www.sec.gov,
by writing to Highland Funds, c/o PNC Global Investment Servicing (U.S.)
Inc., P.O. Box 9840, Providence, RI 02940 or by calling 1-877-247-1888.
About Highland Distressed Opportunities, Inc.
Highland Distressed Opportunities, Inc. (the “Company,” “we,” “us” and
“our”) is a 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.
