Elliott Management, the hedge fund founded by billionaire Paul Singer, has upended a $4bn debt restructuring at a business owned by Carlyle Group, in a stand-off illustrating the tensions high borrowing rates are unleashing at private equity portfolio companies.
Veritas Holdings, a software business Carlyle bought in 2016, revealed in a securities filing this week that negotiations with an Elliott-led group of creditors over a 2025 debt maturity date had reached an impasse.
Elliott’s push to use its position as a large debtholder to extract a bounty threatens a last-ditch effort by one of the world’s largest private equity groups to salvage a multibillion-dollar investment.
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