Senior lenders of Trinseo PLC moved to quickly end a lawsuit challenging the specialty material manufacturer’s pre-bankruptcy debt restructuring deals, saying the claims were designed to extract an “undeserved recovery.”
Funds managed by CastleKnight Management LP launched litigation in bad faith last month as soon as Trinseo filed for Chapter 11, affiliates of Apollo Global Management, Oaktree Capital Management LP and other senior Trinseo lenders said in a filing Tuesday with the US Bankruptcy Court for the Southern District of Texas.
The plan aims to slash the company’s debt load by $2 billion.
The CastleKnight group is trying “to manufacture ...
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