Friday, 22 May 2015
Last updated 8 hours ago
Nov 15 2006 | 10:03am ET
Hedge funds claiming control of most of Dura Automotive System’s second-lien debt are crying foul at the Detroit auto-parts supplier’s debt refinancing plan.
Dura, which filed for bankruptcy protecting last month, has proposed a $300 million debtor-in-possession financing plan to pay off $125 million in first-lien debt, leaving it with about $175 million in financing. It’s that latter part that worries the second-lien hedge fund group, which includes Contrarian Funds, D.E. Shaw & Co. and Merrill Lynch Capital, because they see it as an added layer of debt between them and their collateral: the company’s $2 billion in assets.
In a filing Monday, the hedge fund committee said it would seek the continuation of the “adequate protection” package first- and second-lien creditors negotiated prior to the bankruptcy filing, guaranteeing monthly interest payments, as well as footing the bill for legal and financial advisors.
Both the DIP plan and the hedge fund motion are set for review on Monday.
Mar 20 2015 | 12:45pm ET
StreetWise Partners, a non-profit organization that works with low-income individuals to help them overcome employment barriers, raised over $275,000 at the 2015 Raising the Ante Charity Poker Tournament and Casino Event last Wednesday evening at Capitale. Here are some photos from the event. Read more…