/ world today news/ A group of international investors, including hedge funds that are based in the USA and London, have filed a claim for the recovery of their losses for about 172 million dollars as a result of the bankruptcy of Corporate Commercial Bank AD (KTB), reports ” Wall Street Journal,” citing a source familiar with the matter who has seen the lawsuit filed.
According to the information of the American financial edition, at the end of last month, the group of investors filed an official claim against the current managers of KTB (before the bank’s receivers, who were previously appointed), after the bank did not buy back the corporate bonds they owned, issued some time before it.
At the moment, we are discussing many possibilities – from local claims related to the bankruptcy procedure of KTB, to direct claims directed against the Republic of Bulgaria in international tribunals, as well as to the investigation of movements of the bank’s assets by officials of the Bulgarian government, stated Daniel Freifeld, head of Washington-based Callaway Capital Management, one of the funds involved in triggering the claims.
Other investors in this group of international lenders include UK-based hedge fund Rhodium Capital, as well as asset managers in the US and Europe. According to the information of the “Wall Street Journal”, a Bulgarian pension fund also participates in this group, but without specifying its name.
The agency cited Bulgaria’s Ministry of Finance as saying it had not been notified of the lawsuit and declined to comment further on the case.
In July 2014, Reuters reported that a group of bondholders, including US and European hedge funds and financial institutions, had formed a creditors’ committee and hired legal representation in Bulgaria in case KTB was declared bankrupt.
“Corporate Commercial Bank” AD failed to make a final payment on its dollar-denominated bonds maturing last August, the initial amount of which was for 150 million dollars, BNR reports.
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