Junior Galapagos bondholders swoop to stop business sale

By Owen Sanderson
28 Aug 2019

Unsecured creditors to German engineering firm Galapagos swooped in at the last minute on Friday to stop a sale of the business that would have wiped out their claims. One of the funds fighting this corner is the credit opportunities fund raised by former Deutsche Bank securitization boss Elad Shraga.

On Friday, junior creditors managed to interrupt a UK court session, just as the barrister for the company was asking the judge for permission to appoint administrators, ahead of a “scheme of arrangement” that would see the business sold and their claims zeroed.

But that morning, the junior ...

Please take a trial or subscribe to access this content.

Contact our subscriptions team to discuss your access: subs@globalcapital.com

Or sign up for a trial to gain full access to the entire site for a limited period.

Free Trial

Corporate access

To discuss GlobalCapital access for your entire department or company please contact our subscriptions sales team at: subs@globalcapital.com or find out more online here.