Lifemark administrators have sold off £2.9m worth of assets to save the fund from liquidation for another few months.
The company has this week received the money after selling off four traded life settlement policies, the underlying assets of the fund.
Authorised by the administrator of the fund, KPMG's Eric Collard, the sale plugs part of Lifemark's short term liquidity gap and gives it more time to find a party willing to put up the around £12.9m it needs to permanently stave off liquidation.
The £2.9m is the first instalment from the sale of life settlement policies underpinning a £11.1m interest-free loan made by Billericay Trading Limited to Lifemark last year.
Billericay Trading is a company associated with Lifemark and Keydata founder Stewart Ford.
The cash injection comes from the sale of 4 of the 28 policies which make up the "Billericay portfolio", which is owned by Lifemark but contractually linked to the outstanding Billericay loan.
Negotiations are well advanced for the sale of a further ten policies from the Billericay portfolio, according to a statement from Media House, which represents Ford.
This sale is expected to raise a further £3.8m of much-needed cash for Lifemark, according to the statement.
If the sale goes ahead the total amount raised will give Lifemark until November to find a more permanent solution to its cashflow problems.
Billericay agreed not to call in the Lifemark loan and not to block the sale of policies from the Billericay portfolio, enabling the proceeds to fund the payment of premiums on Lifemark's remaining portfolio of over 300 policies, says Media House.
Also, if the Lifemark policies held in the Billericay portfolio mature the money will go back into Lifemark, not Billericay.
Billericay and a consortium brought together by Ford have also reached a preliminary agreement with Collard for a £12.9m loan facility and restructuring plan, says Media House.
The plan would provide Lifemark with the cashflow necessary to remain a going concern for at least the next three years and to resume income payments to bondholders, including the payment of arrears of income, according to Ford's representatives.
The restructuring plan would also address the timing for redemption of the Lifemark bonds and return of capital to investors.
A further announcement reporting progress on the proposed rescue package will be made by 20 September.
Lifemark ran bonds backing Keydata plans owned by 23,000 customers who invested £350m.
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