UK banks agree to £87m Mouchel loan write-down

01 Aug 2012

Barclays, Lloyds and Royal Bank of Scotland have agreed to write down £87m of loans owed by UK infrastructure and business services group Mouchel in return for a majority share in the company.

Without a restructuring, which is subject to shareholder approval at a general meeting to be held on August 24, Mouchel would default on August 30.

If shareholders approve the restructuring, Mouchel will be left with £60m of outstanding debt — a level the board believes is sustainable for the ...

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