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.
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