Hellas Trustee OK'd To Target PE Firms In $565M Bond Fight

Law360, New York (September 16, 2016, 10:24 PM EDT) -- A New York appeals court on Thursday ruled that an indenture trustee for Hellas Telecommunications noteholders seeking $565 million over defaulted bonds can bring claims against a pair of private equity firms accused of pocketing the proceeds from the indenture.

Trustee Wilmington Trust Co. and assignee Cortlandt Street Recovery Corp. had appealed a September 2014 New York Supreme Court judge's ruling in four related cases seeking recovery on defaulted notes from Luxemburg-based Greek telecommunications company Hellas.

Judge Marcy Friedman had held that Cortlandt, as assignee and agent for collection on the bondholders' claims, lacked standing to pursue repayment since it didn't...

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