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Welcome Finance : Cattles tries last-minute rescue plan


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Its reported today that Cattles has unveiled a last-ditch rescue plan as part of a bid to stave off going into administration.


Management have put forward a deal that would see bondholders paid just £49 million of the £750 million they are owed, while shareholders would receive 1p per share.


If the offer is rejected in the new year; the management will put the company into administration.


Bosses are hopeful that the deal will be approved because they already have the backing of some of its biggest creditors.

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