Towergate confirms takeover decision
Deal involves “consensual” restructuring agreement between senior secured and senior unsecured creditors.
Towergate's unsecured creditors have gained control of the business after a series of twists and turns in the takeover process which saw new proposals being flagged yesterday.
The board of Towergate has voted unanimously in favour of the new plans which have received approval from over 75% of the group's senior secured creditors and approximately 65% of senior unsecured creditors.
Under the terms of the agreement the troubled consolidator will see a 60% reduction in net debt to £380m and now a
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