TPG, Apax Sued For €268M Over Hellas Notes

Law360, New York (December 5, 2011, 10:59 PM EST) -- Hellas Telecommunications Sarl noteholders hit TPG Capital LP and Apax Partners LLP with a new suit in New York state court Monday, seeking to recover over €268 million ($359 million) owed on notes the private equity firms profited from after acquiring the telecom and allegedly driving it into insolvency.

Plaintiff Cortlandt Street Recovery Corp. is the assignee of over €130 million in payment-in-kind notes guaranteed by Hellas. The notes were issued in December 2006 and are currently in default, according to the complaint.

TPG and Apax...
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