Mouchel set to restructure

City A.M. Reporter
MOUCHEL yesterday agreed to a restructuring that will give its lenders a majority interest in the British infrastructure firm and delist the company to avert an impending debt default.

The restructuring – supported by Royal Bank of Scotland, Lloyds Banking Group and Barclays – will result in the lenders releasing £87m of Mouchel’s existing debt for a majority stake in the company.

After the debt-for-equity swap, Mouchel will be left with £60m of outstanding debt.