Towergate secured creditors win race for consolidator
Deal will see debt cut by 60%.
Towergate has agreed a deal for senior secured creditors to take over the company and implement a financial restructuring and recapitalisation of the group.
The decision comes after the consolidator put itself up for sale last November, with interest rumoured to have come from Marsh and Peter Cullum.
Under the terms of the agreement, senior secured creditors will convert all of their existing claims (including interest built up until completion of the transaction) into £375m of new senior
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