Members of a creditor group owed £1.3bn by Aston Martin have filed for discovery to obtain information about a £550mn financing deal backed by HPS, as they prepare for legal action against the luxury carmaker. Aston Martin announced in July that it had agreed to borrow up to £550mn from investors led by HPS. The transaction stripped some of the company's most valuable assets away from its existing creditors, causing the price of its bonds to plummet.

Creditors holding the debt, including London-based hedge funds Arini Capital Management and Tresidor Investment Management, have threatened to sue the company. Arini and Tresidor filed an application to New York court on Monday evening, seeking discovery from HPS, Authentic Brands Group, Moelis and Lazard. Moelis and Lazard are advisers to Aston Martin. If successful, the application would require the investors and advisers to disclose documents and provide testimony to be used in a forthcoming foreign proceeding in England.

Following July's deal with HPS, Aston Martin refused to tell creditors what specific assets had been moved out of their reach. Subsequent filings on the UK's trade mark register have since revealed that some of Aston Martin's most valuable branding and naming rights have been transferred to a new subsidiary that now secures HPS's lending.

Under the £550mn agreement, Aston Martin borrowed £450mn from HPS and Authentic Brands, in which HPS holds a minority stake. Another £100mn can be drawn down from HPS if the carmaker transfers 50.1 per cent of its non-automotive intellectual property to Authentic Brands. Creditors are scrutinizing the relationship between the wider Aston Martin group and the private credit firm, which already has ties with Canadian billionaire Lawrence Stroll, a significant shareholder and chair of Aston Martin.