Muddy Waters manages funds that are short the credit of Vivion Investments S.à.r.l. Vivion’s controlling shareholders, in our view, have used bond sale proceeds to unduly enrich themselves. Through a series of property transactions, Vivion’s controlling shareholders appear to have saddled the company with shareholder loans that might not actually exist (i.e., without loan proceeds having actually been provided to Vivion). Vivion then raised money from outside creditors, and has made payments of at least €360 million on these dubious shareholder loans.
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