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Article: Lenders Sue Freescale Over Exchange.(News)(Freescale Semiconductor Israel Ltd. v. Susman Godfrey L.L.P.)
- Article from:
- High Yield Report
- Article date:
- March 30, 2009
- Author:
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Byline: Matthew Sheahan
Freescale Semiconductor's senior secured lenders have filed suit against the company and some of its junior lenders over its debt exchange effort. The suit contends that junior lenders were unfairly elevated in the capital structure and seeks unspecified monetary damages and a permanent injunction rescinding the transaction.
The lawsuit was filed with the New York State Supreme Court by Houston-based law firm Susman Godfrey. Plaintiffs in the suit include various funds of ING, Babson Capital Management and Denali Capital. The suit contends that the company breached its credit agreement with the exchange, because the credit ...