Cattles' restructuring talks continue

Last month, Birstall-based Cattles announced that Cattles, Welcome Financial Services and other members of the group were continuing to hold talks with representatives of some of their key financial creditors and other stakeholders in order to progress proposals for a consensual restructuring.

In that announcement, Cattles also confirmed that, at that time, discussions envisaged that, as part of a restructuring and subject to certain conditions, Cattles would compromise its subordinated inter company claims against WFSL and other subsidiaries in the group for not less than 39m.

Cattles has been informed by representatives of some of the key financial creditors of WFSL that they continue to support proposals for a consensual restructuring, including a compromise of Cattles' subordinated inter company claims against WFSL and other subsidiaries, in the group for an amount which may be less than 39m.

The statement added: "Cattles is continuing to discuss this matter further with WFSL and the representatives of those key financial creditors. A further announcement will be made when appropriate."