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The ownership change caps a battle between China’s Fortune Fountain Capital, a wealth management firm that bought Baccarat in 2017, and its creditors, with which it came into conflict and which have taken over the crystal glassware maker following a debt-for-equity swap. Asian-focused credit specialists Tor Investment Management, Sammasan Capital, CEOF Holdings and Corbin Opportunity Fund own Fortune Legend Limited, a subsidiary of Fortune Fountain, which had 97.1% of Baccarat, a filing with France’s markets regulator on Monday showed.
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