Freshfields Bruckhaus Deringer and Allen & Overy (A&O) have taken lead roles on a debt-for-equity swap between house builder Gladedale Homes and Lloyds Banking Group. The deal will see Lloyds take priority shares in Gladedale in return for writing off roughly £500m of debt. The debt came on to Lloyds' books through its acquisition of HBOS last year.
September 16, 2009 at 06:37 AM
1 minute read
The original version of this story was published on Legalweek
Freshfields Bruckhaus Deringer and Allen & Overy (A&O) have taken lead roles on a debt-for-equity swap between house builder Gladedale Homes and Lloyds Banking Group.
The deal will see Lloyds take priority shares in Gladedale in return for writing off roughly £500m of debt. The debt came on to Lloyds’ books through its acquisition of HBOS last year.
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