Troubled Cattles gets extension
Struggling UK consumer credit group Cattles got a reprieve from lenders this week after its banks agreed to extend a £500m loan until December. But, after missing a coupon payment on a bond last week and breaching its loan covenants in March, the company still has a long way to go to reach a restructuring agreement. It is also still trying to come to a standstill agreement for its subsidiary, Welcome Financial Services. Read EuroWeek on Friday for more on this deal and others companies going through similar discussions with lenders.
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