Colt: under fire
Colt Telecom is staring down the barrel of a court case brought by one of its bondholders, hedge fund Highberry, which insists that Colt will soon be facing insolvency and so should be put into administration. David Watts looks at each side’s arguments and the story behind the case.
Colt Telecom’s marketing slogan is ‘We make business straightforward’. But a court case being brought against Colt – the most immediate challenge facing its business – is anything but straightforward.
The fundamentals of the case are simple enough: Highberry, a UK hedge fund and owner of Colt bonds, claims the telephone company is facing inevitable bankruptcy and an inability to repay its bonds. Even if Colt’s cable assets are sold off to the highest bidder, says Highberry, this will raise
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