Robertshaw its own white knight — Understanding the decision

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Robertshaw its own white knight — Understanding the decision

Jane Komsky's avatar
  1. Jane Komsky
5 min read

With 9fin it’s easy to stay on top of news stories like Robertshaw. Find out what else we do on distressed and restructuring here.

The real winner of the Robertshaw adversary proceeding is… Robertshaw and all future distressed debtors who say to their creditors: “I am the captain now.”

Judge Christopher Lopez of the Southern District of Texas oversaw a six-day trial between Invesco, Robertshaw, an ad hoc group of lenders consisting of Bain CapitalCanyon Capital, and Eaton Vance and sponsor One Rock. After taking the matter under advisement, Judge Lopez issued a ruling that Robertshaw breached the credit agreement and the remedy is money damages in the form of a proof of claim. This ruling seemingly allowed everyone to win, but a closer look reveals Invesco’s win was a lot less equal than everyone else’s win — if it could even be called a win.

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