Global Power Objects To Fund's Sale Of $12M Debt

Law360, New York (April 23, 2007, 12:00 AM EDT) -- Bankrupt power plant equipment maker Global Power Equipment Group Inc. has made moves to stop a hedge fund from selling $12 million of the company’s debt, claiming the sale could threaten Global Power’s plans to exit Chapter 11.

Global Power filed an objection Thursday in the U.S. Bankruptcy Court for the Southern District of New York in an attempt to block Steelhead Investments Ltd. from selling its $12 million in 4.25% convertible senior subordinated notes to Thales Holding Ltd. in order to protect the company’s net...
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