Samuel Norris, special situations partner at law firm Ropes & Gray in London, said he had been instructed by a number of hedge funds interested in trading the debt on the back of litigation news.
The owner of a Hong Kong-based distressed debt fund said he had been approached by U.S. law firms, but was not interested. Hong Kong, Singapore, the European Union and Britain all said this week they would stick to the traditional hierarchy of creditors claims in the event of a bank collapse.in March 2020 after the Reserve Bank of India initiated a restructuring of the lender is currently subject to court proceedings.
Lawyers, bondholders and banking analysts have been poring over the bond documentation to see if it allowed for the wipe-out.
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