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Thursday, 5 February 2015

Towergate takeover takes dramatic twist

The drama at Towergate continues, leaving staff and customers wondering what is going on and where the future lies.  The insurance industry's Insurance Age reports:

Reports suggest unsecured creditors in deal to take hold of the troubled consolidator.

The takeover of Towergate has taken a new twist with reports that unsecured creditors are set to grab hold of the business.

According to the Financial Times the move will involve a cash injection of £300m from the junior creditors led by Highbridge Capital Management - an arm of JP Morgan - and involving private equity firm KKR, and Sankaty Advisors, a global credit specialist.

On Monday Towergate announced that it was in the process of selling to secured creditors in a move that would halve its debt.

The plan was to swap the debt of existing senior secured creditors into £375m of new debt, £150m of payment in kind notes and 100% of the firm's shareholding.

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