On 26 November it emerged that several hedge funds, led by York Capital, were vying to snap up a sizeable chunk of Coergy’s debt, shrinking the chance that the firm will face bankruptcy.
Furious negotiations continue between the hedge funds and Conergy’s principal shareholders, including Commerzbank, which holds a 30% stake in the Hamburg-based firm.
A debt-for-equity swap could leave York Capital with as much as a 70% stake in Conergy, while watering Commerzbank’s share to less than 10%.
The
