Hellas Liquidators File $1.3B Suit Against TPG, Apax

Law360, New York (March 13, 2014, 7:28 PM EDT) -- Joint compulsory liquidators for the U.K. bankruptcy proceeding for Hellas Telecommunications (Luxembourg) II SCA filed a lawsuit in New York bankruptcy court Thursday alleging private equity giants TPG Capital Management LP and Apax Partners LLP purchased and then unlawfully milked the company for $1.3 billion, leaving it straddled with debt.

Liquidators Andrew Hosking and Simon Bonney filed the lawsuit on behalf of two bankrupt Greek businesses alleging TPG and Apax carried out a leveraged acquisition of the companies, forced them to borrow over €1 billion ($1.39...
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