Battle lines drawn in ISS court case
Holders of ISS bonds have become the latest investors to fall victim to the curse of the LBO. A group of the bondholders are so aggrieved at the circumstances of their losses that they have instigated legal action, but is this course of action really warranted? Hardeep Dhillon reports
The fallout from the leveraged buyout of Danish cleaning services firm ISS Global is developing into a heated battle between the buy-side and sell-side institutions; the dispute looks set to stretch over the summer. Holders of ISS Global bonds are in the process of taking legal action against PurusCo, the buyout vehicle for Goldman Sachs Capital Partners and EQT Partners, over the proposed financing structure for the acquired company.
Although the ISS story highlights the importance of
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