E&Y successfully defends Barings role

A hearing brought by a US group of bondholders known as the 1986 Noteholders failed and the court also overruled the group’s demand for leave to seek an appeal.

Alan Bloom, head of corporate restructuring at E&Y and in charge of the Barings case, told ‘A judgement was made and the application to have the liquidators removed was refused.’

The group, also referred to as vulture funds, wanted KPMG to replace E&Y as their representative in the £1bn court case due to start today.

Coopers & Lybrand London and Singapore, now merged into PricewaterhouseCoopers, made a joint application together with the UK and Singapore liquidators to postpone the trial until 25 June 2001 to give both parties more time to discuss the possibility of a settlement.


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