Money managers under the microscope
Distressed investing: surprises at every turn
The lenders, which include Bluebay Value Recovery Fund, took on the debt following an earlier restructuring of the company. Reports suggest that despite the low acquisition price, Eggborough may be worth as much as a billion pounds.
Other unusual results of distressed investing recently include Octavian Advisors ending up on the board of sporting goods firm Head NV, mezzanine lenders landing up in a big London restructuring court case, and Vinci buying up bits of British builder Haymills via a prepack deal.