New York judge refuses to dismiss lawsuit against Bombardier
A New York state judge on Friday rejected an attempt by Bombardier Inc to dismiss a lawsuit by a group of hedge funds that accused the business jet maker of short-changing them by selling new debt after divesting major businesses in 2020 and 2021.
The hedge funds Antara Capital Master Fund, Corbin ERISA Opportunity Fund and Corbin Opportunity Fund sued Bombardier last January, after the company sold an additional $260-million of the bonds to another investor. The three hedge funds said it had no right to do that. They claimed that the default required Bombardier to pay them $398-million, including outstanding principal plus the present value of future interest payments.Bombardier did not immediately respond to requests for comment.
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