"It ran up debts of more than $1bn (£620m) with a host of banks through its revolving credit facilities. But the business, which suffered massive losses in its international trading division, has struggled to service the loans.
The banks agreed to a number of standstill deals on repayments throughout this year and are close to launching a major restructuring, with a host of its businesses to be sold around the world.....
In the meantime, some bankers to the company have been selling their debt to vulture funds led by the Manhattan billionaire Leon Black’s Apollo at as little as 30 cents for $1 worth of loan.
Companies like Apollo buy up debt cheaply and demand dramatic change to the company to increase the value of the loan. Others thought to be buying into Stemcor’s “distressed debt” include Australia’s Anchorage Capital Partners and London-based Duke Street."
Tax does have to be taxing.
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