Retrocom Growth Fund Inc. announced on Wednesday that it has filed a notice of Intention to make a proposal under the Bankruptcy and Insolvency Act. RSM Richter Inc. has been named trustee pursuant to the notice of intention.

The fund previously announced that RSM Richter Inc. had been retained as a financial advisor to assist the Board of the fund in the review of strategies available to the fund and, among other things, to review and advise with respect to the fund’s remaining assets and any required reduction in net asset value.

In the interim, the fund has realized value through the disposition of eight properties for aggregate gross proceeds of approximately $16.5 million, with certain of those transactions yet to close. The fund continues to hold approximately 15 different investments and approximately 250,000 units of the Retrocom mid-market real estate investment trust.

The fund is insolvent and the decision was made to file a notice of intention to make a proposal in order to provide the fund with an opportunity to examine restructuring initiatives (including potential sales of assets and pursuing potential merger transactions). At the present time, it appears unlikely that the recoveries will be sufficient to allow a distribution to be made to shareholders of the fund.