Wilmington Trust Corporation (NYSE:WL) has released a statement clarifying its role in the Natural Products Group, LLC (Natural Products) bankruptcy case. Wilmington has noted that it is not a creditor to Natural Products. Natural Products filed for Chapter 11 protection on January 27 2010 with the United States Bankruptcy Court for the District of Delaware.
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Recent news reports have lead many to believe that Wilmington is a creditor for the company, due to Natural Products’ listing of Wilmington Trust as one of its largest unsecured creditors. In reality, Wilmington is service as agent for holders of $215 million of debt issued by Natural products. The company has no credit exposure to Natural Products, nor any of its subsidiaries. The Trust is paid a fee for the provision of these services through CCS. The bankruptcy will not affect the Trust’s balance sheet, credit quality, or financial condition.
Wilmington Trust Corporation is a financial holding company engaged in providing a range of banking and other financial services through its banking and other subsidiaries. The Company’s subsidiary Wilmington Trust Company (WTC) is a bank and trust company founded in 1903. The Company also owns one other depository institution: Wilmington Trust FSB (WTFSB), a federally-chartered savings bank. In November 2008, the Company merged Wilmington Trust of Pennsylvania (WTPA) into Wilmington Trust FSB (WTFSB). WTFSB owns Wilmington Trust Retirement and Institutional Services Company (WTRISC), a Delaware-chartered trust company. WTRISC owns Wilmington Trust Fiduciary Services Company (WTFSC), a New Jersey-chartered nondepository bank. The Company operates in four business segments: Regional Banking, Corporate Client Services (CCS), Wealth Advisory Services (WAS), and Affiliate Money Managers.
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