BREA, Calif., Jan. 21 /PRNewswire-FirstCall/ -- Fremont General Corporation (the "Company") (Pink Sheets: FMNTQ), doing business primarily through its indirect wholly-owned operating subsidiary, Fremont Reorganizing Corporation (formerly known as Fremont Investment & Loan) ("FRC"), announced today that it received approval from the United States Bankruptcy Court for the Central District of California, Santa Ana Division ("Bankruptcy Court"), where the Company's Chapter 11 case is pending, to engage KPMG Corporate Finance LLC, a subsidiary of KPMG LLP (UK), as its financial advisor to locate potential acquirors of the Company and its remaining assets and liabilities, as well as to provide other related business and financial services through February 15, 2009, subject to possible extension pursuant to the terms of the engagement. If the Company successfully identifies and agrees to terms with a potential acquiror, it is expected that such proposed acquisition transaction will provide a basis for the submission to the Bankruptcy Court for a plan of reorganization by the Company and the potential acquiror, as the sponsor of such plan of reorganization. There is no assurance that KPMG Corporate Finance LLC or the Company will find an interested party to acquire the Company and its remaining assets and liabilities, that the Company will agree to terms with any such potential acquiror of the Company, or that the Company and any potential acquiror will be able to develop and receive approval of a plan of reorganization from the Bankruptcy Court.
About Fremont General
Fremont General Corporation (the "Company") filed a voluntary petition under Chapter 11 of the United States Bankruptcy Code in the United States Bankruptcy Court for the Central District of California, Santa Ana Division (the "Bankruptcy Court") and continues to operate its business as "debtor-in-possession" under the jurisdiction of the United States Bankruptcy Code and orders of the Bankruptcy Court.
To find out more about Fremont General Corporation, or to subscribe to the Company's email alert feature for notification of Company news and events, please visit www.fremontgeneral.com. In addition, you can find out information about the Company's bankruptcy at the Company's website at www.fremontgeneral.com under "Restructuring Information."
This news release may contain "forward-looking statements" within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934, and are made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. Such forward-looking statements are based upon current expectations and beliefs of the Company and its subsidiaries. These statements are not guarantees of future performance or results and there can be no assurance that actual developments and performance will be those anticipated by the Company. The Company does not undertake to update or revise forward-looking statements to reflect the impact of circumstances or events that arise after the date the forward-looking statements are made, except as required under applicable securities laws.
About KPMG Corporate Finance LLC
KPMG Corporate Finance LLC provides a full suite of investment banking and advisory services to its domestic and international clients. Our professionals have the experience and depth of knowledge in global M&A and project finance to advise clients on mergers and acquisitions, sales and divestitures, buy-outs, financings, restructurings, fairness opinions, infrastructure project finance, and other advisory initiatives. In addition, we remain independent of financing sources, helping to ensure that our efforts are objective and aligned with the goals of KPMG's firms' clients. Operating in 60 countries, KPMG's Corporate Finance practice comprises more than 2,100 professionals who are able to meet the needs of KPMG's firms' clients across the globe. In 2008, as a leading financial advisor, KPMG's Corporate Finance practice completed 390 deals totaling US$51.5 billion, according to Thomson Financial's global M&A league tables. Visit us online at www.kpmgcorporatefinance.com
(C) 2009 KPMG Corporate Finance LLC, a U.S. limited liability company, is a member of FINRA and is registered as a broker dealer with the SEC. KPMG Corporate Finance LLC is a subsidiary of KPMG LLP, a UK limited liability partnership and the UK member firm of the KPMG network of independent member firms affiliated with KPMG International, a Swiss cooperative.
SOURCE Fremont General Corporation
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