News today that NAMA Top 10 developer, Treasury Holdings (fronted by Richard Barrett and the colourful Johnny Ronan) has suspended interest payments due by group company, Real Estates Opportunities PLC (REO), on convertible unsecured loan stock (CULS) which falls due at the end of August 2010.
REO of course is possibly best known for the Battersea Power Station. And to add to the drama, there is no news yet on the planning application to redevelop the site – planning permission was expected to be granted in August (this month!).
In REO’s statement today they say that “significant progress has been made towards agreeing the shape of a consensual financial restructuring with the informal adhoc committee that is now being discussed with the Company’s other lenders” and “taking account of the status of negotiations, the Company has determined that the interest payment due to the CULS holders on 31 August 2010 will not be made”.
NAMA and Lloyds are two of REO’s biggest lenders.
NAMA Wine Lake 