Hedge Fund Attestor Seeks to Spin Off Unit of Russian Lessor

Attestor Capital LLP is looking to spin off the European unit of GTLK, Russia’s State Transport Leasing Co. OJSC, to recoup what it’s owed since the sanctioned company’s bonds defaulted, according to people familiar with the matter.

The hedge fund, which is a noteholder of Dublin-based GTLK Europe DAC, is working with law firm Quinn Emanuel Urquhart & Sullivan and capital markets intelligence firm CMi2i to identify other bondholders and get them on board, the people said, asking not to be identified discussing private information.

The proceeds from a sale or winding down of the business would be ...