Debt Court Battle Pitches Battery Magnate Against GoldenTree
- GoldenTree lender group sues metals magnate over 2007 loan
- Meyers says ‘vultures’ seek to take over Eco-Bat Technologies
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The lead empire that Howard Meyers started building four decades ago is already contending with cost pressures and European Commission price-fixing allegations, and now it’s locked in a courtroom battle that threatens to wrest the heart of the business away from him.
The dispute involves a 600 million-euro ($633 million) loan that Meyers’s EB Holdings II took out in 2007 and spent much of last year trying to renegotiate. The debt comes due at the end of March and, because of its “payment in kind” interest structure, has ballooned to more than 1.6 billion euros, according to papers filed in a Nevada state court.