Junior Galapagos bondholders swoop to stop business sale

Tortoise
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 ...

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