WL Ross, Sumitomo Mitsui create $300 million DIP program

By Ellen Chang

Houston, March 17 - Sumitomo Mitsui Banking Corp. and WL Ross & Co. LLC said they have created a program to provide up to $300 million in debtor-in-possession financing to companies reorganizing under Chapter 11.

WL Ross & Co. will manage the portfolio.

The companies said the program will help them to expand their DIP business in the U.S. market.

"Building upon our already substantial experience in DIP finance in the U.S., we look forward to expanding the business through this exciting new relationship with WL Ross & Co. LLC," said Masayuki Oku, deputy president and head of Sumitomo Mitsui's international banking unit, in a news release.

"We are delighted to have been selected by such a prestigious financial group to manage this pioneering effort," added Ross, chairman of WL Ross. "For many years we have had mutually profitable relationships with SMBC and its Daiwa Securities SMBC affiliate."

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