Just Eat Bondholder Group Claims Grubhub Sale Is Default Event
- Creditors say disposal constitutes ‘cessation of business’
- Just Eat sold Grubhub to Wonder Group for $650 million
Just Eat sold Grubhub in November for about $650 million.
Photographer: Gabby Jones/BloombergThis article is for subscribers only.
A group of bondholders of Just Eat Takeaway.com NV are banding together to seek early repayment, following the online food delivery platform’s recent sale of its subsidiary Grubhub.
The creditors say last month’s sale to Wonder Group Inc. triggered an event of default under the terms of a so-called cessation of business clause in Just Eat’s debt documents, according to people familiar with the matter. If confirmed, the event of default could lead to a repayment of the notes under Just Eat’s bond documents.