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Chelsea Building Society takeover sting for creditors

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Creditors of ailing Chelsea Building Society are set to lose around £100million if its mooted takeover by the Yorkshire gets the green light. Under a rescue deal that came to light yesterday, Chelsea's creditors would have to accept just 50p in the pound on their bonds. A takeover would see Yorkshire convert some £200million of Chelsea's outstanding debt into new financial instruments with a face value of just £100million. That creditors are having to take such a mammoth hit underlines the parlous state of Chelsea's finances.

 

Read more:

 

Top UK building societies Chelsea and Yorkshire 'in merger talks' | Mail Online


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