When Invesco bought the largest chunk of $620mn of apparently low-risk loans issued by heater and air conditioner parts maker Robertshaw in 2018, it seemed just like many investments the US asset manager had made before.
As a traditional, mainstream investor, Invesco was looking for debt that was likely to be repaid in full, or “par”, at maturity while also delivering an attractive coupon — unlike the more aggressive “vulture” investors that typically buy debt at knockdown prices with the intention of getting involved in complex legal fights.
But six years later, Invesco is now the central player in one of the ugliest distressed debt brawls in recent memory, already featuring in four different lawsuits in Texas and New York.
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