Virgin group proposes Northern Rock rescue plan
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Fri, 12 Oct 2007 14:39:08 GMT |
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LONDON (Reuters) - A consortium led by Britain's Virgin Group , controlled by entrepreneur Richard Branson, has submitted a rescue plan for British bank Northern Rock including the injection of "substantial new equity," it said on Friday.The consortium said under its proposal "a substantial cash sum will be injected ... for new equity to be issued at a discount to the current share price." Northern Rock would be renamed Virgin Money and would rebuild a deposit base to drive a more sustainable funding structure.The consortium includes U.S. insurance group AIG , buyout firm WL Ross, investment group Toscafund and Hong Kong based investment group First Eastern.
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