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.
Florida Needs More – Much More – Wind Mitigation, Say Experts at OIR Summit 
Four Georgia Troopers Fired in Vehicle Pursuit-Insurance Scheme 
How Niche Insurance Shielded Bad Bunny From Bad Weather 
Palm Beach Billionaires Feud Over Who’s Really Protecting the Everglades 
