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    • if you are twisting sideways to takaway pubs? rather than opening pubs as you initially referred   ... thats always been cheaper at off licences and supermarkets isn't it, and rather defeats the point of pubs, and restaurants?   WHAT are you actually saying/claiming/suggestion if anything?
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PGH7447

Cattles fails to meet payment deadline - July 7 2009

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FT.com / UK - Cattles fails to meet payment deadline

 

 

Cattles, the beleaguered UK subprime lender, said it had defaulted on an interest payment due to its bondholders on Sunday.

 

In a market statement yesterday, Cattles said that holders of about £400m of a 7.125 per cent bond due for repayment in 2017 had not received the interest payment due on July 5.

 

The bonds were last quoted at 11.5p in the pound on Friday, according to data from HSBC.

 

Cattles has been in talks with its debtholders for some time and last Wednesday dismissed six senior executives, as well as announcing the departure of David Postings, its chief executive, following an independent review of the company.

 

Questions had been raised after the revelation in March that the lender had incorrectly deferred impairment charges on its loan book. The error led the company to underestimate its bad debts by about £700m.

 

Trading in the shares of the company has been suspended since April.

Cattles' statement yesterday added that it continued to be in "constructive discussions" with its finance providers and that a further update on the situation was expected soon.

 

The July 5 bond payment was the first of two deadlines faced this month by the company. It has been in talks with a syndicate of 22 banks, led by Royal Bank of Scotland, to refinance £500m of wholesale funding by July 14.

 

The company had earlier negotiated a standstill agreement under which payments to debtholders would be suspended while a restructuring arrangement was worked out.

 

Discussions have been hampered, however, by disagreements among debtholders over who would rank highest in payment priority if Cattles went into administration.

The banks believe they rank ahead of bondholders because of a guarantee given to the banks by Welcome, a Cattles subsidiary, that banks and private placement noteholders will receive most of the cash the company gets back from its customers. Bondholders dispute this. So they are starting to fight over the carcass

If no resolution is forthcoming in the next few weeks, then Cattles is expected to fall into administration and the debt-holder dispute is likely to go to court.

 

Hurrah, lets hope welcome, lewis and clueless go with them


PGH7447

 

 

Getting There Slowly

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Advice is given freely but is in no way meant to be taken as Gospel:-)

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Update

 

from the evening standard 09/07/09

 

Crisis-hit Cattles still in deadlock on debt

 

 

09.07.09

 

 

Cattles, the crisis-struck subprime lender, has failed to reach an agreement with its banks on a £500 million loan which expires today.

It remains locked in talks with its lenders, led by Royal Bank of Scotland, to obtain a standstill agreement on its debts. Cattles is expected to collapse into administration if no resolution is forthcoming.:D


PGH7447

 

 

Getting There Slowly

---------

 

Advice is given freely but is in no way meant to be taken as Gospel:-)

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Update

 

Cattles last-ditch talks go on as deadline looms

 

Published Date: 14 July 2009

 

STRICKEN sub-prime lender Cattles was last night locked in eleventh-hour talks with its banks and bondholders, as a key refinancing deadline looms.

The Batley company is desperately trying to secure the backing of a syndicate of 22 banks to refinance a £500m credit line, which expires today. If the company fails to win the backing of its creditors, it faces going into administration.

 

etc etc


PGH7447

 

 

Getting There Slowly

---------

 

Advice is given freely but is in no way meant to be taken as Gospel:-)

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http://online.wsj.com/article/BT-CO-20090715-701963.html

Update 15/07/09

 

LONDON (Dow Jones)--U.K. subprime lender Cattles PLC (CTT.LN) Wednesday said its lenders have agreed to extend its GBP500 million syndicated banking facility from a maturity date of July 14 to Dec. 31.

The syndicated loan is led by Royal Bank of Scotland Group PLC (RBS) and there are 22 banks in the syndicate.

Cattles, whose shares are currently suspended, said it has also entered into further agreements and changes to its banking facility with all its bank lenders and US Private Placement noteholders as it looks to stabilize the financial position of its subsidiary Welcome Financial Services Ltd. and its other divisions.

The lender added that it was still in talks with all its banks with a view to "achieving a formal standstill agreement."

 

----------

 

Looks like they have been let off:mad:


PGH7447

 

 

Getting There Slowly

---------

 

Advice is given freely but is in no way meant to be taken as Gospel:-)

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update 210709

 

FT.com / Financials - Cattles bondholders plan to step up pressure on debt talks

 

Cattles bondholders plan to step up pressure on debt talks

 

By Anousha Sakoui

Published: July 21 2009 03:00 | Last updated: July 21 2009 03:00

 

Bondholders of Cattles have been working on a plan to seek repayment, potentially increasing the pressure on negotiations over a restructuring of the subprime lenders' debts.

Holders of the outstanding bonds due in 2017, on which the company recently defaulted on interest payments, have been working on plans to send a so-called acceleration notice to HSBC, the trustee of the bonds, according to people familiar with the matter.

A notice of acceleration is a request for repayment. More than 25 per cent of holders of the 2017 bonds, the necessary minimum needed, have backed the move.

A spokesman for Cattles declined to comment.

 

etc etc


PGH7447

 

 

Getting There Slowly

---------

 

Advice is given freely but is in no way meant to be taken as Gospel:-)

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better and better

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update 23 07 09

 

PWC comes under scrutiny for Cattles audit - Times Online

 

PWC comes under scrutiny for Cattles audit

 

 

PricewaterhouseCoopers (PWC), the UK’s largest accountancy firm, is being investigated by the financial reporting regulator into its oversight of Cattles, the beleaguered sub-prime and doorstep lender.

The inquiry by the Accountancy and Actuarial Discipline Board (AADB), part of the Financial Reporting Council, comes after Cattles this month said that it had undertaken a clearout of senior management over a “breakdown” in its internal controls. Six senior directors were fired.

Cattles has been in crisis since February, when PWC raised questions over the level of impairment charges that it was taking to cover a surge in problem loans. In April, having issued two profit warnings, Cattles suspended trading in its shares and said that it would no longer be able to publish its report and accounts, due by the end of that month.

The AADB said today that it would investigate the preparation, approval and audit by PWC of the financial statements of Cattles and its Welcome Finance business for the year ended December 31, 2007 and interim financial statements for the first half of 2008

 

etc etc


PGH7447

 

 

Getting There Slowly

---------

 

Advice is given freely but is in no way meant to be taken as Gospel:-)

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smiles all round

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update

 

10:55 pm, July 23, 2009

 

Cattles moves closer to sale of invoice finance arm

 

 

Troubled personal lending group Cattles has said it has entered into “advanced negotiations” over the sale of its Manchester-based invoice finance arm.

 

The company released a statement after the markets closed on Thursday stating that it is in advanced talks with a preferred bidder and that it would make a further announcement as soon as it was apporporiate.

 

In April, Crain’s revealed that the firm was in exclusive talks with a London-based private equity house regarding a bid for the company, which has managed to retain most of its client base and staff during an uncertain 12 months for the Batley-based Cattles Group. Last year, the invoice finance arm made a profit of £3.1m on sales of £16.9m.


PGH7447

 

 

Getting There Slowly

---------

 

Advice is given freely but is in no way meant to be taken as Gospel:-)

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update 30/07

 

Troubled Cattles says all options are open - Yorkshire Post

 

Troubled Cattles says all options are open

 

1pixel_spacer.gif

 

 

 

 

 

AILING sub-prime lender Cattles left the door open to a debt-for-equity swap at a stormy annual shareholder meeting yesterday.

Board members at the Batley-based company, which has warned of a potential £850m black hole in its accounts, said that all options remained open as it restructured after having its shares suspended.

 

Margaret Young, the new executive chairman of a revamped board, also confirmed to shareholders that a whistleblower had raised concerns about Cattles' finances. Journalists were denied entry to the meeting but the Yorkshire Post has been told what was said.

 

etc etc


PGH7447

 

 

Getting There Slowly

---------

 

Advice is given freely but is in no way meant to be taken as Gospel:-)

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