Towergate Finance percent stated it has sufficient creditor
assist to restructure 1 billion pounds ($1.5 billion) of debt in U.ok. courts.
The plan became agreed with the aid of greater than 75
percent of the coverage broker’s secured and unsecured debt holders, the brink
required to continue, the business enterprise stated in a declaration. The deal
will reduce Towergate’s debt through 60 percent.
Towergate is searching for to lessen its debt burden after
reporting a 24 percent decline in income remaining year to 110 million pounds.
Fitch ratings downgraded Towergate in December to two levels above default
after the business enterprise stated it had drawn all of its 85 million-pound
revolving credit score facility.
The restructuring will switch ownership of the Maidstone,
England-based enterprise to its unsecured lenders, inclusive of Highbridge
Capital management, KKR & Co. and Sankaty Advisors, in keeping with a
preceding announcement.
The agency’s 305 million pounds of 10.five percentage senior
unsecured notes due February 2019 have been little modified at 3 pence on the
pound these days, in line with information compiled through Bloomberg. Its 249
million pounds of eight.five percent notes due February 2018 were quoted at
97.2 pence on the pound.
No comments:
Post a Comment