A matter of principle

Lucas dispute


Investors and banks are at loggerheads over a £100 million bond issued in 1989 by British car parts manufacturer Lucas.

In the 13 years since the bond’s issue, the company has merged once and been taken over twice. The latest buyer, US defence firm Northrop Grumman, is spinning out and selling off TRW Automotive, of which Lucas is now a part, to a US private equity firm Blackstone for $4.73 billion. And Blackstone will finance the vast majority of the cost of buying TRW Automotive by borrowing

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