Creditors to take ISS to the cleaners

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A group of around 30 bondholders have clubbed together to bring legal action against Danish cleaning firm ISS Global. The lawsuit also targets PurusCo, the buyout vehicle for Goldman Sachs Capital Partners and EQT. The group represents up to 30% of the total ISS bonds outstanding and it is understood that Axa Investment Managers and European Credit Management are among the largest holders.

Investors are up in arms over three issues. Firstly, they argue that it is illegal to secure senior debt

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