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Virgin's Branson Postpones Bond Issue on London Market.
Knight Ridder/Tribune Business News, October, 1998 by Daily Mail, London
Knight Ridder/Tribune Business News
Oct. 30--Richard Branson's plan to raise UKpound 300 million in the City this autumn has been formally postponed. Some have long doubted it would materialise. He had talked of a bond issue to refinance Virgin Entertainment's debt.
Virgin blames the market turmoil. "We may come back to it next year," says the company. "We have finance in place until end-1999."
The postponement comes two months after Branson dropped the idea of floating airline Virgin Atlantic. A float for Virgin Rail was dropped after Stagecoach took a 49 percent stake.
The group insists it merely wants to restructure debt and has plenty of cash. It spent UKpound 145 million in July for control of Virgin Our Price music stores,...
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