Citadel, D.E. Shaw In Conv. Bond Settlement With Indian Pharmaceutical

Mar 11 2010 | 2:08pm ET

A pair of U.S. alternative investments giants has settled a legal battle with an Indian pharmaceutical company over its default on convertible bonds.

Venus Remedies said it has struck a deal with Citadel Investment Group and D.E. Shaw Group. The two firms had sued the company last year after Venus failed to redeem some US$12 million in foreign currency convertible bonds last summer. The pharma blamed the global economic crisis for its decision not to redeem the bonds.

Under the settlement—reached under pressure from the Indian courts—Citadel and D.E. Shaw have agreed to withdraw their winding-up petition, a Venus official told the Press Trust of India. The company will pay the two firms US$7 million within the next 18 months, with the other US$5 million coming over the next five years.

Citadel and D.E. Shaw will also get to keep their investments in Venus.


In Depth

Israeli Hedge Fund Harnesses Big Data

Jul 28 2014 | 8:10am ET

Apica Green is a multi-million dollar Israeli hedge fund that is based in Tel Aviv...

Lifestyle

David Yarrow On Growing His Hedge Fund And Shooting The Animals And People Of Africa - As A Photographer

Jul 23 2014 | 6:44am ET

While he’s always been a photographer, recent expeditions to Iceland, Ethiopia...

Guest Contributor

The Truth About Track Record Portability

Jul 24 2014 | 5:55am ET

The number of private funds converting to mutual funds has increased significantly...

 

Sponsored Content

    Northern Trust Helps Hedge Funds Navigate Derivatives Regulations

    Jul 8 2014 | 10:48am ET

    The surge in derivatives regulation is among the most complex challenges facing the financial services industry today. Northern Trust’s Joshua Satten recently spoke with FINalternatives to share insights into the challenges presented by new regulation and explore how the industry is responding. Read more…

Publisher's Note