Quadrangle, Cypress Management buy $20.1 million in claims against Spiegel

By Caroline Salls

Pittsburgh, May 27 - Quadrangle Master Funding Ltd. bought $15 million or 75% of Goldman Sachs Credit Partners LP's credit agreement claim and Cypress Management Partnership bought Bankgellschaft Berlin AG's $5.1 million loan claim, both against Spiegel Inc., according to Thursday filings with the U.S. Bankruptcy Court for the Southern District of New York.

Spiegel is a Downers Grove, Ill., specialty retailer. It filed for bankruptcy on March 17, 2003. The Chapter 11 case number is 03-11540.

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