Co-op Group says willing to meet with rebel bondholders
LONDON, Sept 16
LONDON, Sept 16 (Reuters) - The Co-operative Group said on Monday it was willing to speak to a group of bondholders who have put forward an alternative plan for plugging a 1.5 billion pound ($2.4 billion) capital shortfall at its bank.
Investment bank Moelis & Co said on Monday it had submitted a different recapitalisation plan to Co-op Bank's board of directors on behalf of institutions owning about 43 percent of the bank's lower Tier 2 bonds.
"We are uncertain of the structure, deliverability and conditionality of what is proposed by Moelis, but we are willing to engage with them to investigate further. To that end, we last week offered to engage with them and look forward to doing so," Co-op said in a statement.