Hedge Funds Sue Pharma Co. Over $20M Note Default

Law360, New York (April 15, 2013, 3:33 PM EDT) -- Four hedge funds have sued American Oriental Bioengineering Inc. in New Jersey court for nearly $20.4 million in unpaid principal and interest on certain senior convertible notes they claim the Chinese pharmaceutical company defaulted on.

Wolverine Flagship Fund Trading Ltd., Whitebox Concentrated Convertible Arbitrage Partners LP, Whitebox Multi-Strategy Partners LP and Pandora Select Partners LP launched a suit April 8 in Essex County Superior Court claiming AOB defaulted on certain 5 percent senior convertible notes it issued under an indenture in 2008, a result of financial...
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