Gherkin Lenders Fight Over Rate Swap Before Restructuring
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Lenders to the Gherkin tower asked a London court to settle a dispute over 140 million pounds ($236 million) from interest-rate swaps as the skyscraper prepares for a debt restructuring or sale.
Landesbank Hessen-Thueringen Girozentrale and other lenders said 400 million pounds in loans used to buy the property should be repaid ahead of money owed to Bayerische Landesbank under the swaps, according to court documents at a hearing yesterday.