October 16, 2019 / 3:16 PM / a month ago

Highland Capital Management files for Chapter 11 bankruptcy: court filing

(Reuters) - Investment firm Highland Capital Management LP filed for Chapter 11 bankruptcy protection, amidst a legal battle with investors, a court filing showed.

In a petition, the fund manager listed investors in its shuttered Highland Crusader Fund as its largest creditor. The hedge fund closed in 2008, during the financial crisis.

Highland owes a disputed $189.3 million in debt to a committee of Crusader Fund investors, according to the petition.

In April, Highland had said it did not have enough cash on hand if it was asked to pay the investors eventually.

Highland was founded in 1993 by Mark Okada and James Dondero. Okada announced his retirement from the firm last month.

Reporting by Bharath Manjesh in Bengaluru; Editing by Shailesh Kuber

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