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Lead Story: Issue 533 19 Nov 2009

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Banks take 60% stake in White Young Green

James Dark

Engineering consultancy White Young Green has reached an agreement with creditors to restructure the company. If approved by shareholders, the deal will see the banks own 60% of the company in exchange for writing off £50m of debt. Employees will own 25% in a move designed to prevent key staff leaving and existing shareholders will be left with just 15%.

The deal was necessary to refinance the company’s £89m debt pile, built up after acquiring 18 companies in the past six...

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