When Invesco bought the largest chunk of $620mn of apparently low-risk loans issued by heater and air conditioner parts maker Robertshaw in 2018, it seemed just like many investments the US asset manager had made before.
Guardian Life Insurance, a lender that owned Robertshaw loans through a so-called collateralised loan obligation, sued the company and the Invesco-led group of lenders in New York state court, arguing that the debt’s legal documents precluded Guardian Life from being pushed down the pecking order. But as Guardian Life’s lawsuit made its way through court last year, Robertshaw’s struggling operations forced it to seek more cash.
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