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    Butzel Long's Fisher on hedge funds in bankruptcy

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    Hedge funds got plenty of attention - much of it negative - for rejecting the government-backed debt-reduction plan designed to prevent Chrysler LLC's Chapter 11 filing in April. But that high-profile case is just one example of the increasingly important role hedge fund creditors are playing in bankruptcy cases. Hedge funds are trying to "protect positions they acquired in a much healthier credit environment," says Eric Fisher, a partner with Butzel Long. In this edition of Inside the Deal, Fisher says hedge funds are sometimes taking an active role, angling for control of the bankrupt business, and other times they want nothing more than to trade out of their positions. - Suzanne Stevens