Last October, Euromoney wrote about the legal battle between US rural internet services provider Windstream and activist hedge fund Aurelius Capital Management.
The row concerned a sale leaseback of the former’s fibre optic cable network in 2015 which Aurelius claimed violated debt terms in place to preserve assets for noteholders. The hedge fund had built up a large short position in the debt in the expectation that the sale leaseback would trigger a CDS event of default.
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