Parent: Retail Supplier Has Performed "As Expected"

In providing guidance on its estimated net asset value, MVC Capital, Inc., the parent of U.S. Gas & Electric, said that USG&E has, "performed as expected."

Specifically, MVC Capital said, "Since October 31, 2014, the Company has experienced headwinds in the performance of some of its portfolio companies, including, for example, those with exposure to the Euro or the oil industry, and adverse changes in market multiples within certain sectors. However, MVC noted that U.S. Gas & Electric, Inc., its largest investment on a fair value basis, has performed as expected."

MVC has not reported financial results beyond the quarter ending October 31, 2014 due to delays in completing financial statements from the Belgian operations of its MVC Automotive Group GmbH, due to a bankruptcy proceeding as well as, "accounting irregularities and financial control issues," at two of the Belgian operation subsidiaries, Cegeac and Somotra