Elliott Management, a private equity fund, bought up 100s of millions of dollars distressed Windstream debt at a huge discount. They’re now the biggest creditor and will have the biggest share of the company post-bankruptcy.
The huge California power company, Pacific Gas & Electric, went bankrupt over its role in the devastating wildfires in California (some were caused by poorly maintained power lines).
Elliott has bought up a lot of PG&E debt. They’re now countering management’s reorganization plan with a plan of their own which includes putting in 29 billion in new capital.
https://uk.reuters.com/article/us-pg-e-us-bankruptcy/judge-opens-door-to-pge-wildfire-victims-noteholders-filing-rival-reorganization-plan-idUKKBN1WO2SL