Tuesday, 1 December 2015
Last updated 20 hours ago
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.
Oct 21 2015 | 10:41am ET
One of the most unique charity benefits in the hedge fund industry, A Leg To Stand On's (ALTSO's) Hedge Fund Rocktoberfest - NYC, raised nearly $500,000 last Thursday thanks to the generous support of major sponsors and nearly 1,400 attendees from the Tri-State finance, business and hedge fund communities. Read more…