We use cookies on this site to enable your digital experience. By continuing to use this site, you are agreeing to our cookie policy. close

ING, Others Sue Ailing Freescale Over $1B In Loans

Law360 (March 27, 2009, 12:00 AM EDT) -- As Freescale Semiconductor Inc. swings close to bankruptcy, a group of secured creditors including affiliates of ING, Babson Capital Management LLC and Denali Capital LLC have filed suit alleging the chip maker has diluted the value of their holdings by refinancing about $1 billion in lower-tier bonds into higher-priority term loans.

The plaintiffs, which include more than 30 investment funds, filed the lawsuit Tuesday in the Supreme Court of the State of New York, County of New York, alleging that Freescale breached its credit agreements with...
To view the full article, register now.
Law360 Pro Say Podcast
Check out Law360's new podcast, Pro Say, which offers a weekly recap of both the biggest stories and hidden gems from the world of law.