Keydata founder Stewart Ford has put together a £91m loan facility offer for Lifemark, which, if accepted, he claims would repay the Financial Services Compensation Scheme and investors in full.
According to Ford, the proposed lender is an unnamed US bank. Its ‘in principle' offer was put to Lifemark provisional administrator, Eric Collard of KPMG Luxembourg, last week for consideration. Details of the terms of the deal - including the cost of interest on the borrowing - have not been made public by Ford. Ford said the loan could be in place by September, and would add liquidity to the troubled fund to allow it to continue paying premiums on its life settlement assets until maturity, and avoid a fire-sale of policies to stave off liquidation. He claims this would bring Lif...
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