Norwich & Peterborough Building Society (N&PBS) and US hedge fund CarVal Investors have agreed a loan to save troubled Keydata backer Lifemark from liquidation.
N&PBS will make available up to £1.5m. It has not said at what interest, only that the rate will be "commensurate with the risk profile of the loan". Unless prepaid or demanded earlier, the Lifemark loan will be available until 15 February 2011 or if earlier, upon completion of a successful restructuring of Lifemark. CarVal has not disclosed how much it is contributing to the financing, but N&PBS says it is the "junior partner" in the deal. To see the fund through to February without a sell off of its assets Carval's contribution will need to be about £10m. Lifemark needs abou...
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