In the US, Mirae Asset Global Investment is pleading that Anbang Insurance Group breached the terms of its $5.8 billion hotel chain sale by shuttering properties. Mirae claims that closures in response to the outbreak are irrelevant. A unit of Anbang has sued to force the Korean investor to complete the transaction.
These lawsuits are being watched closely in India. Indian acquirers of a stake in Victoria’s Secret have sought legal advice as private equity firm Sycamore Partners has walked away from the beleaguered lingerie chain
Sycamore argued that the clause had been triggered because current owner L Brands Inc failed to pay rent and furloughed thousands of workers. The pandemic was no defense for L Brands violating terms of the agreement, the buyer said in its complaint in the Delaware Chancery Court.