Hedge Fund Kite Lake Launches Rival Plan for AMS Osram Bond

Alternative investment firm Kite Lake Capital Management is pushing back against AMS Osram’s proposals to tweak the terms on its debt, as the Swiss-listed firm seeks changes to ease its refinancing.

Kite Lake sent a counter motion to the company on Friday, according to people familiar with the matter, who asked not to be identified. AMS Osram’s own plan for altering the terms of its convertible securities due in 2027 was circulated to bondholders earlier this month and is due to be voted on starting May 26.

AMS Osram is asking holders of its €760 million ($857 million) convertible ...