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News: Issue 603 17 Aug 2012

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Bank deal saves Mouchel

Mouchel has agreed a deal with its major lenders to save the firm from bankruptcy. Three banks, RBS, Lloyds and Barclays, will take a majority stake in the firm in return for writing off £87m of debt, leaving the company with an outstanding debt of £60m. The deal is subject to the approval of Mouchel’s existing shareholders at a meeting to be held on 24 August and will, if passed, result in the company being delisted from the Stock Exchange....

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