Triton accused of ‘unsavoury panoply of self-dealing’ in Galapagos

Tortoise
By Owen Sanderson
09 Oct 2019

Triton Partners and secured bondholders enforced a share pledge over German heat exchanger company Galapagos, selling the company itself back to Triton, and leaving unsecured bondholders facing an empty shell. But the unsecured bondholders won’t go down without a fight, with Signal Capital Partners filing a lawsuit in New York seeking to tear up the sale.

Secured noteholders and unsecured noteholders have been ranged against one another in a fight over the restructuring of the highly leveraged company, with secured noteholders backing a plan by the owner, Triton, to inject new money — but virtually wipe out the unsecured debt.

The holders of the ...

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