A group of STG Logistics’ minority lenders sued the transportation company in bankruptcy court, saying a liability management exercise conducted in 2024 was invalid.
The lenders alleged that they were improperly excluded from the pre-bankruptcy debt transaction, resulting in a “bad-faith scheme” that violated their rights as holders of STG loans and materially diminished the loans’ value. The firms, Axos Financial Inc. and Siemens Financial Services Inc., filed the complaint Wednesday in the US Bankruptcy Court for the District of New Jersey.
The transaction, the minority lenders said, violated the agreed-upon right to equal treatment of similarly situated lenders by ...
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