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Cattles creditor talks progressing

Beleaguered sub-prime lender Cattles yesterday said talks with its creditors to obtain a standstill agreement on its debt were progressing, adding that both sides are currently considering a draft of the heads of terms for an agreement. However, Cattles said it would not be appropriate to reveal details on the specific provisions in the draft, warning that its financial creditors may yet reject the terms. Earlier this month, the firm said it is considering axing 510 jobs at its Welcome Financial Services subsidiary.