Queens Moat placates lenders

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The Independent Online
Queens Moat placates lenders

Queens Moat Houses has had to modify the terms of its £1.2bn financial reconstruction to placate some lenders that objected to the outline proposals made by the beleaguered hotel group just before Christmas. A spokesman for Barclays, the lead bank and a joint co-ordinator of Queens' lender group, yesterday confirmed that modifications had been made but declined to be specific about the details. He said: "Full details of the reconstruction will be sent out to shareholders by the end of the month. However, no one lender or class of lender will benefit at the expense of others."

It was confirmed yesterday that all 74 lenders have agreed to back the refinancing, which has taken the best part of two years to piece together. Dealings in shares in Queens were suspended at 47.5p in February 1993.