Affiliates of High River LP plan to buy about $61 million of bonds issued by Reliance Group Holdings. The affiliates are making a tender offer in order to block any debt restructuring plan it considers unacceptable should Reliance, which is controlled by former corporate raider Saul Steinberg, file for bankruptcy protection.
High River plans to buy some of the $291.7 million of 9 percent senior notes that matured Nov. 15 at 17 cents on the dollar, more than double the six to eight cents on the dollar at which it said the notes have traded during December. Reliance failed to make the principal payment on these notes on Nov. 15.
Topics Mergers & Acquisitions
Was this article valuable?
Here are more articles you may enjoy.
Brown & Brown Reports Strong Q3 Revenue Growth of 35.4% 
CyberCube: Insured Loss Estimate From AWS Outage Likely About $40M 
The Hartford Q3 Net Income Up 41% 
Truck Driver in Fatal Crash Repeatedly Failed Driving Tests, Florida AG’s Office Says 
