IC Bidwatch: No love lost at Rock.
Investors Chronicle - magazine and web content, February, 2008
Stakeholders feud over the fate of Northern Rock, while Xstrata and Biffa hold out for more. Jonas Crosland
Most people look forward to the weekend to spend precious time with their loved ones, but there is unlikely to be much love circulating at this weekend's meeting between government officials and bidders for stricken mortgage bank Northern Rock.
The government is under pressure to wrap things up quickly because the GBP26bn it has already advanced to support the bank's lending is now coming up to the six-month time limit imposed by the European state aid scheme. But that's not stopped the Treasury from demanding that Virgin, one of the bidders, pay up to GBP200m if it succeeds in turning round the bank within three years. Meanwhile, two hedge...
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