U.S. and U.K.-based investment funds, reportedly including Taconic Capital and The Children’s Investment Fund Management, were buying this month non-performing loans from nine Spanish highways at up to a 90% discount. The loans were sitting on the books of Spanish banks that wanted to shake off the legal uncertainties arising from the highways they once financed and which are now stuck in the Spanish equivalent of Chapter 11, with some already in liquidation. The failed highways involve Spain’s top road developers, including ACS, Ferrovial, OHL and Sacyr.