The action sports company, controlling shareholder Oaktree Capital, and a group of lenders who participated in its recent debt issuance, are being sued in NY State Supreme Court by non-participating lenders who saw their holdings subordinated in the deal. The suit claims that the “Private Roll-Up Transaction” orchestrated by defendants, disadvantaged existing debt holders with the issuance of new, super-priority debt to the participating Roll-Up Lenders giving them a priority status over the loans of the Non-Participating Lenders. Too, the deal exchanged the $321 million in old term loan debt held by Roll-Up Lenders at par for the super-priority debt, ... Log in to view full article.