Sweden’s Intrum Beats Bondholder Challenge to U.S. Bankruptcy Filing

Swedish debt collector Intrum won U.S. court approval for a $4.6 billion debt restructuring, defeating a bondholder group that argued the company didn’t need or deserve the protections of bankruptcy.

Judge Christopher Lopez of the U.S. Bankruptcy Court in Houston confirmed a restructuring plan that cuts Intrum’s debt while preserving its equity holders’ stakes in the business. The judge simultaneously ruled against a bondholder group that argued the company wasn’t in financial distress and had manufactured a bogus U.S. presence to justify its chapter 11 case.