Norwich & Peterborough Building Society (N&PBS) has joined forces with US hedge fund CarVal in a last ditch bid to save cash-starved Lifemark from liquidation.
A formal announcement on arrangements for a bridging loan facility for Lifemark involving the two firms is expected on Monday. CarVal pulled out from a solo $60m rescue deal for the fund in July. It had already stumped up £3.5m in short-term loans to Lifemark, which has £350m of investors' money tied-up in traded life-settlement assets. N&P has joined the US hedge fund, in a deal brokered by PricewaterhouseCoopers (PwC), as a condition of the FSA granting it a temporary waiver on complaints, according to sources close to the situation. About 300 N&P customers are taking legal advic...
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