Investors in Rhodia hit reimbursement jackpot


Rhodia, the French specialty chemicals company, was last month forced by a group of investors, including some hedge funds led by Soros Fund Management, to reimburse a $290 million US private placement.

“By shorting the equity and going long the private placement, the hedge funds were able to play hardball and force Rhodia to take action that they did not want to do,” says Jens Jantzen, head of credit research at Bear Stearns.

The investors had been demanding early repayment of the bonds since

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