Lifemark $60m rescue loan withdrawn

CarVal entered a six-week exclusivity period with Luxembourg-based Lifemark last month to try and thrash out a deal but this has failed, according to the Life Settlements Wire. It had already stumped up £3.5m in short-term loans to Lifemark, which ran bonds backing Keydata plans owned by 23,000 customers who invested £350m. Around $2.5m of this loan has been already been repaid by Lifemark but the offer of $60m for a longer-term funding proposal is now believed to be off the table. The deal was likely to involve investors recouping around 30% up front followed by a percentage incom...