Practice Areas - Restructuring and Insolvency Law Firms and Lawyers
Deal Date: | 03-07-2017 | Practice Area: | Restructuring and Insolvency |
Deal Title: | Co-operative Bank Recapitalisation PACE Plan | Industry: | Banks |
Description: |
Allen and Overy has advised the Co-operative Group on the terms of the GBP700m capital raising plan to secure the long term future of The Co-operative Bank and on the revised structure of the shared Co-operative PACE pension scheme. Terms of the deal were reached between the Bank, the Group, the pension trustee and an ad-hoc committee of the Bank's bondholders on 28 June 2017 and the plan was accepted and approved by the Prudential Regulation Authority.
The capital solution for the Bank involves the recapitalisation of GBP443m Tier 2 bonds and GBP250m in new equity.
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Financial Center: | London | Value: | 1000.01-5000.00 |
Advised Party: | Group | Law Firm | Allen & Overy |
United Kingdom | United Kingdom | ||
Classification: |
Debt Restructuring |
Lawyer | Mark Sterling |