McCarthy & Stone inches towards restructuring

18 Feb 2009

Lenders to UK retirement house builder McCarthy & Stone are expected to give their consent to a lock-up — an agreement not to trade in the company’s debt — by the end of this week, as the company edges closer to completing a debt-for-equity swap restructuring.

The lock-up agreement is a necessary part of the restructuring process through a scheme of arrangement.

“Once that is in place then the restructuring can go through in earnest,” said a spokesperson for the firm. He said that the lock-up agreement was getting strong support from the lenders. ...

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