Hedge funds battle over CDS of Coulson’s junk-rated Ardagh
Contentious restructuring has led to rare public fight between holders of derivatives designed to protect against default
Contentious restructuring has led to rare public fight between holders of derivatives designed to protect against default

Billionaire Paul Coulson is ceding control of packaging group to bondholders but some noteholders are unhappy over terms

Ardagh’s $10bn restructuring allows creditors to command big premiums for ‘when issued’ bonds

Kem One’s bonds have cratered as some funds short them and others ply it with more debt

Agreement ends year of negotiations with creditors owed more than $10bn

Dispute pits Manulife’s CQS against Invesco over aggressive tactics in restructuring of ex-KKR portfolio company Selecta

Business Development Companies’ bonds and equity have fallen sharply this year