‘Overwhelming support’ for Co-operative Bank’s rescue plan

04 December 2013

Bosses at debt-ridden Co-operative Bank have hailed “overwhelming support” for its recapitalisation plan, as they revealed how investors have agreed to help plug a £1.5 billion shortfall.

The Co-op said preference share and investment bondholder votes in favour of the rescue meant it was “highly confident” the revised deal can be formally agreed at a string of meetings to be held next week.

So far, only 0.09% of votes cast have failed to back the plan.

The bank, which prides itself on its ethical credentials and counts Celtic Football Club and the Labour Party among its customers, had proposed to force thousands of smaller backers into a “painful” haircut on their stakes in exchange for a shareholding when it floats next year.

Read the full story, Overwhelming support’ for Co-operative Bank’s rescue plan, The Courier (UK), 3 December