Vending
Lenders file antitrust claim against Selecta Group
November 13, 2025
Selecta Group, a Swiss vending machine operator, and some of the company's majority bondholders, have been sued for allegedly violating U.S. competition law.
The suit, filed by the law firm Faegre Drinker Biddle & Reath, in the Southern District of New York, claims the company and majority bondholders restructured in an anticompetitive strategy during a liability management action earlier in 2025.
Plaintiffs Manulife CQS, Algebris Funds and Deltroit Asset Management claim they were cut out of a deal that favored a group of other similarly situated bondholders and did not favor their interest, according to a Financial Times report.
"The co-operation agreement is a classic example of an anti-competitive and collusive agreement between competitors . . . to control the price for Selecta Group BV's first lien debt," the complaint states, according to FT.
The legal action has spurred discussion on LinkedIn with Khalil Osiris, founder and CEO at Khalil Osiris Consulting, asking if the legal outcome may change how restricting deals get built in the future. "Wonder if other jurisdictions will follow suit," he posted.
The lawsuit is the first time competition law has been invoked as an alleged charge of wrongdoing when it comes to distressed debt litigation, according to the news report.
"Parties resorting to antitrust law is unsurprising given the strong desire to undermine co-operation agreements and the relative ineffectiveness of other levers that have been pulled to date," Samir Parikh, a law professor at Wake Forest University in North Carolina, told the Financial Times.
A request for comment from Select Group was not returned as of press time.
