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Countrywide’s holding company completes debt for equity review

Countrywide’s holding company has finished a review into a debt equity swap which would provide the group with £75m of fresh equity capital.

The capital from Castle HoldCo 4 would result in Countrywide’s debt being reduced to £175m.

The scheme was first announced on February 17 and led to Standard & Poor’s lowering its long-term corporate credit rating on Castle HoldCo 4 from ‘CCC’ to ‘SD’.

It is expected that the scheme will be completed during Q2 of this year.

A statement from Castle HoldCo 4 reads: “The company announces today that the independent committee of the board has, together with its financial adviser, completed its review of a proposed Scheme of Arrangement to restructure the company’s balance sheet.

“Following this review the independent committee confirms it considers that, if implemented, the scheme would create a stable and sustainable capital structure for the company to address the significant market uncertainty currently facing it.”


Brokers to fight FSA over plan to raise fees

The Association of Mortgage Intermediaries is battling the Financial Services Authority over its proposed fee hikes and has formed an action group to tackle the issue.

Tesco could squeeze small banks

Tesco could dominate the financial services sector and potentially push out smaller banks and societies, says Datamonitor.

HSBC launches direct only 2.99% fixed rate

HSBC has launched a two- year fixed rate mortgage at 2.99%, as it reveals its mortgage application requests doubled in February compared with January 2009.

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