Bombardier remains confident it will win a legal battle with hedge funds over a 2021 bond deal, though the fight may last “a long time,” its top executive said.
Bombardier Inc. remains confident it will win a legal battle with hedge funds over a 2021 bond deal, though the fight may last “a long time,” its top executive said.
So the company sold an additional US$260 million of the bonds to Canso Investment Counsel Ltd. in May 2021. That gave Canso a majority of those notes outstanding — and it then voted to waive the alleged default. The tactic is now being challenged in a lawsuit by a group of other bondholders. Hedge funds Antara Capital Master Fund, Corbin Erisa Opportunity Fund and Corbin Opportunity Fund sued Bombardier last year, claiming the company triggered a default on the 2034 bonds when its sold those business units and the waiver solicitation wasn’t validly passed.
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