Creditors tap private detectives to probe busted Goldman Sachs airline deal
NEW YORK: It was a fundraising like none other: an unusual structure. Goldman Sachs teaming up with two obscure brokerages. And the controversial financier, Lars Windhorst, acting as one of the deal’s architects behind the scenes.
Investors snapped up the $1.2 billion in bonds that, in turn, channelled proceeds to a cluster of airlines linked to Etihad Airways. Within months, bankers handling the sale were crisscrossing the Atlantic, collecting awards for their creativity. Two years later, the deal went bust.
A group of creditors is now resorting to unconventional tactics to recoup losses. They’ve hired a private intelligence firm. The mission: Dig out details into how the deal came together, including the roles played by Windhorst, the airline and the fundraising group, according to people with knowledge of the situation.
