Pearl's bankers in the driving seat

David Hellier
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BANK lenders to Pearl, Hugh Osmond&rsquo;s struggling insurance group, have won a significant concession in their fight not to accept a major write-off on their &pound;3bn loans.<br />&nbsp;Pearl&rsquo;s bankers were recently asked to take a 40 per cent write-off on their loans as part of a &pound;500m injection of equity from a shareholder group, Liberty.<br />&nbsp;This group has now accepted that it will go ahead with its investment with a write-off from the banks of only around 10 per cent.In the next couple of days, Pearl&rsquo;s bankers are going to their credit committees to discuss two proposals for sorting Pearl; one involves new equity investment and another plan that would see the banks take control of Pearl.