Thursday, December 18, 2008
Lenders look at rescue for Pendragon
Lenders to highly indebted Pendragon, the UK's largest dealership group, are attempting to come up with an innovative way to rescuer the company which could avoid the need for a debt-for-equity swap.
Banks are thought to be looking at a scheme that would see the company's worst performing businesses liquidated. Pendragon owes around £287 million and the banks are looking at ways of wiping out the liabilities to get their money back.
Pendragon says it is not in any difficulty in repaying borrowings.
DATED: 18.12.08
FEED: AW
