Aurelius Capital Management’s attempts to push Windstream Holdings Inc. into default stops in court, where a judge will consider the kinds of tactics both companies and hedge funds can wield in a restructuring, Bloomberg News reported. New York-based Aurelius and the rural telecommunications company have been locked in a dispute over whether Windstream has in fact defaulted on its debt. A timeline shows the complexity of this high-stakes financial battle, which is playing out move by move both in court and in the marketplace. It’s there that Windstream recently made its latest — and what it hopes will be decisive — move, inducing a majority of its bondholders to agree to waive default claims through a $1.6 billion debt exchange.
