Highland Distressed Opportunities, Inc. (the “Company”) (NYSE: HCD)
today announced that a Special Meeting of Stockholders will be held on
May 27, 2009, at 8:00 a.m. Central Time at The Westin Galleria, 13340
Dallas Parkway, Dallas, TX 75240. Stockholders of record as of the close
of business on April 21, 2009 will be asked to vote on a proposed
reorganization of the Company into Highland Credit Strategies Fund, as
further described in the supplemented proxy statement/prospectus
expected to be mailed the week of April 20. The Company has called a new
meeting and is re-soliciting stockholders because the original
meeting date was not within the period required under the Delaware
corporate law provision governing the number of days between the record
date and meeting date. The Company also stated that, as previously
announced, 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 May 27 meeting.
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.
