Co-op Bank bondholders submit alternative 1.5 bln stg recap plan
LONDON, Sept 16
LONDON, Sept 16 (Reuters) - A group of bondholders in Britain's Co-operative Bank on Monday proposed an alternative plan to recapitalise the mutual lender to that put forward by the group's owner to fill a 1.5 billion pound ($2.4 billion) capital shortfall.
Moelis & Co. said it had recently submitted the recapitalisation proposal to Co-op Bank's board of directors on behalf of a group of institutions owning approximately 43 percent of the bank's lower Tier 2 bonds.
Britain's regulator has said Co-op Bank needs to find 1.5 billion pounds to shore up its capital, and the group of bondholders said it can achieve that by the end of this year, mainly by converting subordinated bonds and preferred stock into Bank common stock.
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