Hedge funds fight over one of Europe’s largest lingerie brands

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Financial Times 1d ago

Hedge funds fight over one of Europe’s largest lingerie brands - Financial Times

Quick Summary:

In its US legal action, the group claimed that the so-called “up-tiering” transaction had “destroyed [the] contractual guarantees” in their bond documents.

Last year, Hunkemöller agreed to borrow €50mn from its largest existing bondholder, Redwood, as it sought to repair its finances.

In June, Hunkemöller confirmed that this new debt “will be paid out in priority to other [senior secured notes]”.