Debt-laden Countrywide’s financial restructuring scheme has now been lodged with the courts.
The scheme aims to write off debt whilst injecting capital into the UK’s largest estate agency group.
Originally the plan was to create £75m worth of new shares, but now there will be an extra £37.5m worth.
The new total is described as making additional funds available for working capital and general corporate purposes.
Countrywide set to raise more money in restructure
18 March 2009
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Comments
Jon your right on. Alot of corporates in the mid 90's were bank rolled to stay afloat for the same reason after the 1990 boom and bust. But this time around the insurance companies are not queing up with open cheque books.
Countrywides banks / backers wont let it sink. When you owe someone a million quid you have a problem, when you owe someone a billion quid they have a problem!
mmmmm all seems very suspect......we've all seen these signs before, remember Prudential property services? and other corporates woo came and disapeared? To be successful in our business one needs to be an entrepenair, have a passionate approach and offer a second to none service, i predict over the next 12 months a few of our big chains selling out as times get tougher, management buy outs, this i beleive in the long term will benefit the public.... oh well only time will tell.
Seems this Government are totally hell bent on coming to the aid of those that have been the most instrumental in causing the problems in this country, namely the banks & "Corporate Companies". Certainly it seems the Countrywide group are now also being rewarded for the way they treat their trusting clients, the general public. We should give them a silver spoon & carte blanche to continue existing ethics? The banks don't seem to respond to the Governments suggestions on improving the economy & we are sure that the Countrywide Group will just follow suit, selling properties at bargain bucket prices, without their clients best interests at heart more for their own short term financial gain. Perhaps they should all merge together and really grind this country to a complete halt once and for all?