Legislation360 (October 31, 2019, 7:50 PM EDT) — Controversial “vulture fund” Elliot Capital Administration is suing the board of Vertellus and a number of other fellow funding funds for allegedly conspiring to saddle the chemical producer with burdensome loans after its 2016 chapter after which stopping it from refinancing.
In a grievance filed Wednesday in New York state court docket, Elliot mentioned Blackrock Inc., Black Diamond Capital Administration and Brightwood Capital Advisors used their standing as Vertellus’ main secured lenders to bend its 2016 chapter to their benefit, saddling Vertellus with greater than $245 million in newly resecured, high-interest debt when it exited Chapter 11 the following yr.
Elliot, which owns roughly 12%…
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