FSCS: Refusing Lifemark rescue won't hit bondholder claims

Former Lifemark director Stewart Ford says PwC is warning bondholders they could be denied compensation because, by refusing the rescue loan, they have not done everything to mitigate their losses. Bondholders are due to vote in February on the loan for Keydata-backer Lifemark, which is being developed by CarVal and Norwich & Peterborough Building Society (N&P), and brokered by PwC. Ford says: "This puts bondholders in a Catch 22 situation, faced with having to accept the rescue deal proposed, no matter how unfavourable it may be." But an FSCS spokesperson has denied the claim, s...