In a complicated series of manouevers, Axeon, a maker of batteries for electric cars, has been taken over by a hedge fund that it owed money to. Other shareholders have formed an "action group" to protest.
The hedge fund called in its debts (which it was previously waiving) and forced the company into administration (bankruptcy). One hour later, they emerged as the sole owners of the company. These "pre-pack administration" deals are legal, but concerns have been expressed that they allow company owners to dodge existing obligations, e.g. to their workers, while leaving the original owners in control.
