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Financier Carl Icahn has purchased $10.5 million of the defaulted notes and $20 million of the secured bank debt of Reliance Group Holdings Inc. In a press release, Icahn also said he plans to end the tender offer of High River LP for up to $40 million more of the notes. He will buy all of the notes tendered and not withdrawn as of that time, he said. Icahn is seeking to block any bankruptcy restructuring he doesn’t like through the purchase plan. He needs voting control of one-third of the notes to have a say in any Reliance bankruptcy restructuring.

Topics Mergers & Acquisitions