Callidus Suits Shine Light on World of Distressed Lending

Updated on
  • Canadian lender sues clients; says they breached loan terms
  • Borrowers seek $224 million in combined damages from Callidus

Callidus Capital Corp., the distressed debt lender run by billionaire Newton Glassman, is battling with three of its borrowers who say the Canadian firm pushed them to breach loan terms to get control of assets ranging from coal mines to a ship recycler.

To continue reading this article you must be a Bloomberg Professional Service Subscriber.