US hedge fund to acquire P&R claims
York Capital Management (YCM) wants to buy the open claims of investors against P&R, the insolvent container management company. The New York hedge fund is ready to pay the P&R investors 14 percent for their registered and accepted claims. The offer also includes an exemption from any claims for repayment by the insolvency administrator, explains Wolfgang Schirp of the law firm Schirp & Partner in the Handelsblatt. The Berlin-based company has been commissioned by YCM with the offer. Schirp clarified that the offer is aimed precisely at investors who need money quickly.
The German P&R container management companies filed for insolvency in the summer of 2018. Dr. Michael Jaffé and Dr. Philip Heinke (JAFFÉ Rechtsanwälte) were appointed as insolvency administrators by the Munich Local Court. At the end of October, Jaffé announced that he intended to save more than one billion euros from the P&R bankruptcy. The US hedge fund York Capital Management obviously wants to profit from this in the future. Handelsblatt (Paywall)
(Image rights: istockphoto.com/Art Wager)