Deals
Kings of Controversial Debt Trades Cry Foul When on Other Side
- Apollo, Angelo Gordon sue to block debt deal by Serta Simmons
- Company says plaintiffs had worked on similar transaction
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Apollo Global Management Inc. and Angelo Gordon & Co.’s Ryan Mollett are renowned on Wall Street for finding creative ways to wring money from distressed companies at the expense of other lenders.
But when it came to Serta Simmons Bedding, they got a taste of their own medicine, after the struggling mattress maker decided to pass on their rescue financing package. The company instead negotiated with mutual funds and collateralized loan obligations that usually take a back seat in these transactions.