Senior creditors express interest in acquiring Towergate
Proposal consists of £1 plus debt bid.
Creditors holding around 52% of senior secured debt of Towergate have formed an ad hoc committee with a view to submitting a proposal to acquire the group.
If accepted the deal would see the committee buy the troubled consolidator for the amount of debt it currently has plus one pound. Its most recent set of results showed that Towergate’s debts are hovering just below £1bn.
The committee has appointed Moelis & Company as a financial adviser.
Moelis advised in a statement on Christmas Eve of: “
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