Administrators of Lifemark, the troubled Keydata backer, have secured a three month stay of execution for the fund amid intense negotiations with a mystery backer.
An unnamed front-runner has emerged to help in the long-term financial restructuring of the dangerously-illiquid fund and talks are underway to agree terms, according to people familiar with the situation. KPMG's provisional administration of the Luxembourg-based fund, which has a face value of about £1.3bn, had been due to end today. It will now run until 15 May. However sources close to the situation say the Luxembourg court granted the extension "reluctantly", and only after intense representations put forward by KPMG's Eric Collard. Both previous times the Luxembourg court has ...
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