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Hedge Fund Takes on U.K. and Its Banks

(Bloomberg) A U.S. hedge fund is taking on the British government and major banks in protest at the pain inflicted on ordinary shareholders in the latest rescue of a troubled U.K. construction company. It is picking a tough battle, but its plan is far from doomed.
The company in question, Interserve Plc, revealed outline details of a restructuring package designed to cut its excessive leverage. The group said in November it expected to end 2018 with net borrowings of about 650 million pounds ($843 million), about five times estimated Ebitda for the year. The rescue plan cuts that to 275 million pounds.

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