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Lenders to Ailing Companies Circle Wagons

lenders-to-ailing-companies-circle-wagons

Eaton Vance Corp. mutual-fund manager Craig Russ isn’t an activist, but when he heard that distressed-debt investors were going after Serta Simmons Bedding LLC, endangering his $200 million investment in the ailing company, he went to the mattresses.

Mutual funds have long shied away from fights with savvy hedge funds and other investors who specialize in troubled companies. But Mr. Russ and other fund managers got into a dogfight with the investors, including Apollo Global Management and Angelo Gordon & Co., and won…

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