Friday, November 22, 2024

Blackstone, KKR Defend Rejection of One Call Corp. Rescue Plan

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A Delaware Chancery Court judge appeared skeptical Thursday that two private equity giants and board members at One Call Corp. should be liable for rejecting a debt restructuring plan pitched to reverse the health care company’s fortunes after a Covid-induced business slowdown.

There’s nothing wrong with directors and officers changing their minds and dismissing something they may have initially supported, Vice Chancellor Nathan A. Cook said to an attorney for a hedge fund affiliate of Chatham Asset Management LLC.

It would be “a sea change in our law” for the court to review what directors and officers don’t do as …

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