Chris Hughes, Columnist

Everyone Loses in This Hedge Fund's Game of Chicken

Shareholders are left with nothing after Coltrane torpedoed Interserve's restructuring.

March 15, 2019 at 3:30 PM UTC

Chris Hughes is a Bloomberg Opinion columnist covering deals. Previously, he worked for Reuters Breakingviews, the Financial Times and the Independent newspaper.

The Interserve logo sits on a hoarding at a construction site.

Photographer: Chris Ratcliffe/Bloomberg

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When no one swerves in a game of chicken, everyone gets hurt.

Small investors in Britain will have U.S. hedge funds in their sights after Coltrane Asset Management LP torpedoed a restructuring plan agreed between Interserve Plc and the debt-laden government contractor’s lenders on Friday. A failed attempt to extract more than the paltry equity stake on offer to existing shareholders has left them all with nothing whatsoever.