Kem One: Apollo’s €600M Acquisition Collapsed to 2 Cents as China Flooded Europe with Cheap PVC — Inside the Hedge Fund War Between Three Shorts and Two Rescue Lenders

Sona, Polus, and Diameter captured ~68 cents of downside shorting the bonds. Arini and Monarch lent €230M+ in super-senior rescue financing. Now an uptier bondholder war — anchored by Gibson Dunn and the 50.01% consent threshold — threatens to subordinate minority creditors in Europe’s most contested distressed restructuring of 2025–26. This is how five…