Wilmington Trust, a leading provider of institutional trustee, agency,
and administrative services through its Corporate Client Services (CCS)
business, said today that it is not a creditor to Natural Products
Group, LLC (Natural Products), which filed for Chapter 11 protection on
January 27, 2010 in the United States Bankruptcy Court for the District
of Delaware.
Recent news reports may have led readers to believe that Wilmington
Trust is providing credit to Natural Products. In fact, Wilmington Trust
is not a lender to Natural Products, despite the bankruptcy filing’s
listing of Wilmington Trust among Natural Products’ largest unsecured
creditors. Wilmington Trust is serving as agent for holders of
approximately $215 million of debt issued by Natural Products.
Wilmington Trust has no credit exposure, unsecured or otherwise, to
Natural Products or any of its subsidiaries. Through its CCS business,
Wilmington Trust is paid a fee for providing these services. The
bankruptcy filing of Natural Products has no effect on Wilmington
Trust’s balance sheet, credit quality, or financial condition.
Wilmington Trust’s CCS business offers institutional trustee, agency,
asset management, retirement plan, and administrative services for
clients worldwide who use capital market financing structures, as well
as those who seek to establish or maintain nexus, or legal residency,
for special purpose entities. Because Wilmington Trust does not
underwrite securities offerings or provide investment banking services,
it is able to deliver corporate trust services that are conflict-free.
Wilmington Trust Corporation (NYSE: WL) is a financial services holding
company that provides Regional Banking services throughout the
mid-Atlantic region, Wealth Advisory services to high-net-worth clients
in 36 countries, and Corporate Client services to institutional clients
in 89 countries. Its wholly owned bank subsidiary, Wilmington Trust
Company, which was founded in 1903, is one of the largest personal trust
providers in the United States and the leading retail and commercial
bank in Delaware. Wilmington Trust Corporation and its affiliates have
offices in Arizona, California, Connecticut, Delaware, Florida, Georgia,
Maryland, Massachusetts, Michigan, Minnesota, Nevada, New Jersey, New
York, Pennsylvania, South Carolina, Vermont, the Cayman Islands, the
Channel Islands, London, Dublin, Frankfurt, Luxembourg, and Amsterdam.
For more information, visit www.wilmingtontrust.com.