Shearman settles controlling stake in Co-operative Bank for US hedge funds

Shearman settles controlling stake in Co-operative Bank for US hedge funds

Behind the scenes of the first-ever creditor bail-in of a bank in the UK.

Last month The Co-operative Group’s £1.5bn recapitalisation plan for its beleaguered banking arm unravelled as subordinated bondholder activists advised by Shearman & Sterling negotiated hard and settled on a controlling stake of 70% of the shares of the bank.

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