Creditors offer £1 plus debt for Towergate
Formal offer submitted but Towergate still open to further approaches.
Senior creditors, overseen by financial adviser Moelis & Company, have made a formal offer to buy Towergate for £715m - the aggregate amount of indebtedness - plus accured interest plus a further £1.
The announcement follows news that the creditors, which hold up to 67% of the senior secured debt of the troubled consolidator, were interested in buying the firm and had formed an Ad Hoc committee.
A spokesman acting on behalf of the Ad Hoc Committee said: "We are pleased to submit a formal offer
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