first_img TROUBLED housebuilder Crest Nicholson faces another financial restructuring as new majority shareholder Varde examines the company’s finances, people close to the business said yesterday. US-based Varde is working with advisers Lazard and Bingham McCutchen on the options for Crest, which became 90 per cent owned by its lenders following a £648m debt for equity swap in January 2009. Varde bought 30 per cent of Crest’s equity and around a quarter of its debt in September for an undisclosed sum, when Lloyds Banking Group sold its exposure to the company. Varde has also acquired a small stake from Royal Bank of Scotland. Crest still has around £350m of senior debt and £150m of payment in kind notes, which carry an interest margin of 250 basis points. Varde, which specialises in distressed real estate assets, is understood to be working with advisers to improve the standing of the debt. Crest made a loss of £50.7m in the ten months to October 2009, the most recent figures available, though the non-listed firm has insisted it is performing strongly this year. The company, like many property firms, was hit badly by the slump in construction in the wake of the recession. Crest was also targeted by the investment vehicle owned by Pizza Express founder Hugh Osmond, but rejected a £350m takeover offer in July. A spokesperson for Crest Nicholson declined to comment yesterday. Rick Noel, a partner at Varde, told City A.M. by e-mail: “We have spoke to Crest Nicholson and other debt holders about many things,” but could not confirm a restructuring was in the works. Share Wednesday 13 October 2010 7:54 pm whatsapp Read This NextRicky Schroder Calls Foo Fighters’ Dave Grohl ‘Ignorant Punk’ forThe WrapCNN’s Brian Stelter Draws Criticism for Asking Jen Psaki: ‘What Does theThe WrapDid Donald Trump Wear His Pants Backwards? Kriss Kross Memes Have AlreadyThe WrapHarvey Weinstein to Be Extradited to California to Face Sexual AssaultThe Wrap’Sex and the City’ Sequel Series at HBO Max Adds 4 More ReturningThe WrapPink Floyd’s Roger Waters Denies Zuckerberg’s Request to Use Song in Ad:The Wrap’The View’: Meghan McCain Calls VP Kamala Harris a ‘Moron’ for BorderThe WrapNewsmax Rejected Matt Gaetz When Congressman ‘Reached Out’ for a JobThe Wrap2 HFPA Members Resign Citing a Culture of ‘Corruption and Verbal Abuse’The Wrap Overhaul for Crest Nicholson center_img Tags: NULL by Taboolaby TaboolaSponsored LinksSponsored LinksPromoted LinksPromoted LinksYou May LikeMisterStoryWoman Files For Divorce After Seeing This Photo – Can You See Why?MisterStoryNoteabley25 Funny Notes Written By StrangersNoteableyMoneyPailShe Was A Star, Now She Works In ScottsdaleMoneyPailThe Sports DropForgotten College Basketball Stars: Where Are They Now?The Sports Dropmoneycougar.comThis Proves The Osmonds Weren’t So Innocentmoneycougar.comFamilyMindedThe Most Common Astrology Questions People AskFamilyMindedOpulent ExpressHer Quadruplets Were Born Without A Hitch. Then Doctors Realized SomethingOpulent ExpressStadium TalkBest Basketball Player Ever From Every StateStadium TalkForbes14 Richest Black Billionaires RankedForbes Show Comments ▼ KCS-content whatsapplast_img

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