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U.S. hedge fund buys Lloyds debt in NCC: Sky News
[February 18, 2014]
(Reuters) — The
U.S.-based Anchorage Capital Group has
acquired about 80 million pounds ($134 million) of debt
from Lloyds Banking Group for a controlling stake in New
Century Care (NCC), one of Britain's biggest care home
groups, Sky News reported on Monday. An insider told the news service that Lloyds' decision to offload the debt it had held in NCC for several years is part of a financial restructuring in which the group is divesting assets held on its balance sheet. (http://link.reuters.com/jet86v) |
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Lloyds Banking Group and Anchorage Capital Group
could not be reached for a comment outside of regular business
hours. "Anchorage Capital Group will work alongside NCC's founder, Paul
Warren, who will retain a significant stake in the company, to
support the growth and development of the business", the care
home group said on its website. Sources told Sky that NCC does not have any other debt left
after Anchorage agreed to swap loans it bought from Lloyds into
an equity position. New Century Care, which operates 27 care homes across the United
Kingdom, was founded in 1995 and provides long-term care to
people with dementia and specialist nursing needs. (Reporting by Aashika Jain in Bangalore; editing by Eric Walsh) [© 2014 Thomson Reuters. All rights reserved.] Copyright 2014 Reuters. All rights reserved. This material may not be published,
broadcast, rewritten or redistributed.
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