Boomerang Tube LLC's private-equity owner and its unsecured creditors traded accusations yesterday, exposing deep rifts over a proposed plan to hand control of the company to its lender, Dow Jones Daily Bankruptcy Review reported today. In court papers made public yesterday, Boomerang's unsecured creditors accused Ukrainian-born billionaire Len Blavatnik's Access Tubulars LLC, which is Boomerang's majority owner, and lender Black Diamond Capital Management of collaborating in a scheme designed to shortchange junior creditors. Access disputes the accusations, which it says are "made out of whole cloth." Boomerang, which manufactures pipes and tubing for oil and natural-gas companies and filed for chapter 11 protection last month, has outlined a restructuring plan under which lenders would trade about $214 million in debt for ownership of the reorganized company as well as for $55 million in new debt.
