Amigo on brink of failure as funding discussions fail
Credit provider Amigo has admitted failure in raising £45m required to save the business and is now exploring last-ditch efforts to renegotiate a court settlement that requires the orderly winddown of the business.
Amigo had been in discussions with potential equity investors but they concluded on Wednesday night with commitments for less than half the amount required.
The Bournemouth-based lender is in a Scheme of Arrangement that requires a 19:1 capital raise to be completed by May 26th. A minimum of £15m would then be paid ... You can carry on reading TheBusinessDesk.com for free, but you have reached the maximum number of pages an unregistered user can view. To register for an account, click here or login below...
