Co-op Bank overcomes 'hard bit' of restructuring plan
Subordinated retail bondholders of the UK’s Co-operative Bank have voted in favour of the bank’s debt restructuring scheme, helping it overcome what one source close to the deal called “the hard bit” of the bank’s £1.5bn rescue plan.
More than the required two-thirds of investors tendered their bonds before last Friday’s early-bird deadline, and 99.9% of those bondholders supported the plan, which will see the issuer’s lower tier two investors take a 70% stake in the bank, with its parent, Co-operative Group, taking the remaining 30%.
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