Reprieve for QMH

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The Independent Online
Queens Moat Houses, the troubled hotel company, also received a stay of execution from its bondholders yesterday.

Holders of QMH's 101 4 per cent debenture stock voted not to enforce the security they hold over the company's assets. Interest was due to be paid on the bonds today.

QMH seems to have won the support of its banks for another two months. The steering committee of the group's lenders has recommended continuing the existing financial arrangements.

The resolutions that gave QMH's management more time received the overwhelming backing of bondholders who voted at yesterday's meeting.