WYG confirms debt-for-equity swap deal

WHITE Young Green (WYG), the Leeds-based design and engineering consultancy, today announced a debt-for-equity swap, which will see its banks take a majority stake in the business.

The deal will see WYG's banks Lloyds, Royal Bank of Scotland and Fortis take a 60.5% stake in return for converting around £50m of the £91.5m debt owed to them into new ordinary shares and preference shares.

The balance of the monies owing to the banks will be refinanced by the banks into term debt facilities and working capital facilities inc... For the full story register now for free or login below...