Abu Dhabi-backed RedBird IMI offers to take control of Telegraph and Spectator

Abu Dhabi -backed RedBird IMI has offered to take control of the Telegraph and Spectator under a deal to repay the debt owed by the Barclay family to Lloyds Banking Group . RedBird IMI, the investment group run by former CNN boss Jeff Zucker, said on Monday it had agreed to provide funding to the Barclay family to repay the £1.1 billion of loans “in full” to Lloyds and “bring the Telegraph and Spectator out of receivership”. The lender seized the UK newspaper group last summer.

International Media Investments, the investment vehicle backed by Manchester City owner Sheikh Mansour bin Zayed Al Nahyan, would also be involved in about half of the deal’s debt financing. RedBird IMI said if the deal were to go ahead, it intended to exercise an option to convert debt into ownership of the newspaper group at “an early opportunity”. RedBird is conducting due diligence to check there is sufficient security on the underlying assets for them to provide the financing, one of the people involved sai

Source: News Formal (newsformal.com)

Abu Dhabi Redbird IMI Telegraph Spectator Debt Barclay Family Lloyds Banking Group International Media Investments Receivership

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