F&I Management & Training

Pendragon, Britain's largest car dealership group, has struck a vital refinancing agreement which will offer its debtholders a sweetener through warrants for just under 10 per cent of the company's shares. The group has spent the last few months seeking a deal with lenders over its debts of £288 million following the dramatic slump in car sales. The company is expected to announce the refinancing package alongside annual results in the next two weeks, although the finishing touches are still being put to the agreement. Pendragon has forecasted 2008 losses of £30 million.

DATED: 25.04.09

FEED: AW