Bloomberg News

Mouchel in Talks With Lenders on Debt, Sunday Telegraph Says

July 29, 2012

Mouchel Group Plc (MCHL) is in talks with Royal Bank of Scotland Group Plc (RBS) and other lenders to reduce its debt of 180 million pounds ($283 million), the Sunday Telegraph reported, without saying where it got the information.

Mouchel is considering a debt-for-equity swap with the banks, including Barclays Plc (BARC) and Lloyds Banking Group Plc (LLOY), the newspaper said. The company hasn’t ruled out a so-called prepackaged administration process or raising funds from a new investor in a “highly dilutive” deal, the report said.

Mouchel Chief Executive Officer Grant Rumbles has pledged to reveal a restructured balance sheet by July 31 and said there will be limited value for current shareholders, the Sunday Telegraph said.

To contact the reporter on this story: Erik Larson in London at elarson4@bloomberg.net

To contact the editor responsible for this story: Anthony Aarons at aaarons@bloomberg.net


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