Daily News: February 2, 2015

Towergate Creditors to Take Over Company in Debt Restructuring

Bloomberg reported Towergate Finance Plc said it reached an agreement with creditors to restructure more than 1 billion pounds ($1.5 billion) of debt in exchange for control of the company.

According to Bloomberg , the deal will cut the insurance broker’s net obligations by more than 60% to 370 million pounds, according to a statement.

Bloomberg added the restructuring will be implemented using a U.K. scheme of arrangement that will be completed next month.

To read the entire Bloomberg article, click here.