On the face of it, Redwood Master Fund has every right to be upset. An English court has forced it and other minority investors to accept a restructuring deal struck between their fellow lenders and a troubled borrower, Dutch cable company United Pan-European Communications (UPC).
The deal would force Redwood and the other funds to lend ?30 million to UPC so it could pay back other creditors. It is a decision that the funds’ lawyer, Tony Horspool of Cadwalader Wickersham&Taft, calls “taking money out of the pockets of one set of lenders and putting it into the pockets of others”.
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