In the dispute over the valuation of bonds requires a group of creditors of HSH Nordbank’s a billion in damages. A claim of 18 investors from the America, Germany and other European countries on 28. December has been submitted to the regional court of Kiel, told the group of investors on Monday. To add, indirectly, bonds issued, increase the total claim to EUR 1.4 billion.
The holders of hybrid instruments prior to throw the new HSH-owners to the financial investor Cerberus and J. C. Flowers, to enrich themselves at your expense. The former Landesbank and have it set the value of the securities illegally.
The HSH informed that she had not been served the lawsuit yet. You think in a press release allegations for insubstantial. The court has not expressed and will do so according to its own information only, if an action of the HSH had been delivered.
Good Deal for the new owner?
a Few days after the financial investors took over the Bank for about a billion Euro, had the HSH on the 30. November advised to terminate some of the hybrid bonds. The book values of the securities are likely to amount to the end of 2020, only about 15 per cent of the nominal value, said the money house at the time.
Should buy back the HSH, the bonds actually to 15 per cent of their par value, this meant a gain in the amount of 1.6 billion Euro at the expense of the bondholders, coming exclusively to the new owners the benefit of, argue the creditors.
request a write up of the papers on their face value, as well as damages “for wrongful loss of interest payments”. Despite the lawsuit, the creditors are still willing to find with HSH an amicable solution, said the group of investors.
