Hellas Hit With Suits Seeking $455M In Unpaid Notes

Law360, New York (November 29, 2012, 10:22 PM EST) -- Creditors on Thursday hit Hellas Telecommunications Sarl with two suits in New York federal court seeking €351 million ($455 million) owed on notes they say Hellas' private-equity owners profited from after acquiring the telecom and allegedly driving it into insolvency.

In parallel complaints filed in the Southern District of New York, plaintiff Cortlandt Street Recovery Corp., as the assignee for many of the notes, accused Hellas' owners, TPG Capital LP and Apax Partners LLP, of borrowing vast sums and using the money to reward themselves while...
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