Taylor Wimpey wins reprieve from lenders
Sunday, December 21, 2008
BRITAIN’s biggest housebuilder will strike a compromise deal with banks this week to buy it breathing space to renegotiate its £1.9 billion debt mountain.
Bankers for Taylor Wimpey are expected to postpone a crucial covenant test on its loans to give the builder more time to restructure its finances.
The embattled company was due to breach an end-of-year covenant test on its loans following a savage downturn in the housing market.
It is expected that Taylor Wimpey will be forced to update the London Stock Exchange this week on the progress of the negotiations.
Article continues at Times online
Bankers for Taylor Wimpey are expected to postpone a crucial covenant test on its loans to give the builder more time to restructure its finances.
The embattled company was due to breach an end-of-year covenant test on its loans following a savage downturn in the housing market.
It is expected that Taylor Wimpey will be forced to update the London Stock Exchange this week on the progress of the negotiations.
Article continues at Times online
Labels: credit crunch, Taylor Wimpey
