Posted on 03/03/2009 7:02:06 AM PST by NuclearDruid
Under the terms of the deal, Kaupthing, which was Mosaic's previous lender, swapped Mosaic's £400m of debt for around 90pc of the equity of Aurora. The remainder of the equity is held by management. Kaupthing has injected working capital into Aurora.
Mr Lovelock said: "We look forward to our continuing relationship with Kaupthing and to the end of a difficult chapter in our history."
He thanked the retail group's suppliers for standing by the chain. "I would like to thank our employees and our many suppliers and partners for their understanding and unswerving support. Our recent past has been difficult and is now behind us. From today we look forward to a new and exciting future as Aurora Fashions," he said.
Kaupthing was nationalised late last year and so is owned by the Icelandic government.
(Excerpt) Read more at telegraph.co.uk ...
ND
Considering how much it has failed lately, can’t we just nationalize the government?
I’m waiting for the day the IRS asks for a bailout.
LOL! That or the treasury.
One of the funniest commercials ever!
“Is next....svimvear!!”
In fact, showed it to my teenaged kids recently, but had to explain the context so they’d get what was so funny about it (Reagan was president, end of the Cold War, life in communist Soviet Union was so bland and oppressive, etc., while we here in America could have anything we wanted at the time).
Amazing. I guess nowadays it isn’t PC to teach in schools about how communism was so repressive.
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