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U.S. Hedge Funds to Fight Bank of Ireland Restructuring

WSJ – A group of U.S. hedge funds with large stakes in Bank of Ireland PLC’s subordinated debt is preparing to fight the government’s proposed restructuring of €2.6 billion ($3.82 billion) in junior bonds.

The funds have hired Thomas Lauria, the head of White & Case LLP’s restructuring practice and a veteran at bondholder activism, to represent them. The group claims to control almost a third of the bonds, also called Tier 2 securities, Mr. Lauria said. Members of the committee include Appaloosa Management LP, Marathon Asset Management LP, QVT Financial LP and Värde Partners Inc.

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