Thursday, November 06, 2008
Kotak To Raise $1 Billion Infrastructure Fund
Creditors of ladder maker Werner Co. have sued the company's former owners and other insiders for more than $1 billion in damages, accusing them of stripping nearly $500 million in cash out of the company before its bankruptcy liquidation. Creditors sue Werner Co.; new firm isn't part of suit The Associated Press and Herald staff GREENVILLE, PHILADELPHIA; Creditors of ladder maker Werner Co. have sued the company's former owners and other insiders for more than $1 billion in damages, accusing them of stripping nearly $500 million in cash out of the company before its bankruptcy liquidation. An expensive bid to reorganize the Greenville-based company in Chapter 11 failed last year, leaving hedge funds including Levine Leichtman Capital Partners to take over Werner's remaining operations in a deal that left more than $1 billion in unpaid debt. read more
