CPP admits lack of debt plan

Shares in credit card protection firm CPP crashed a further 62.1 per cent yesterday after the struggling firm admitted that it has not yet come up with a refinancing plan with just days until a 31 March deadline on its current debt facilities. CPP, whose stock has lost almost 90 per cent of its value in the wake of an FSA fine for mis-selling, warned investors that its eventual decision on financing could wipe out the value of its shares.