Towergate board approves deal, reports Reuters
Deal would see unsecured creditors win the race for the broker.
Towergate's board has approved the deal with unsecured creditors to take over the company, Reuters has reported.
The news agency cited a source "close to the situation" confirming that the deal had been struck.
Yesterday the unsecured creditors swooped in with an offer for the troubled consolidator.
This involved a cash injection of £300m from the junior creditors led by Highbridge Capital Management - an arm of JP Morgan - and involving private equity firm KKR, and Sankaty Advisors, a global
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