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RedBird IMI, a joint venture between RedBird Capital of the US and International Media Investments of Abu Dhabi, has agreed to provide a package of loans to the Barclay family allowing them to pay off their debt to Lloyds Bank in full and bring the Telegraph and Spectator out of receivership.
RedBird IMI will provide a £600mn loan, secured against the Telegraph and Spectator. International Media Investments will provide a loan of a similar amount secured against other Barclay family businesses and commercial interests.
RedBird IMI has an option to convert the loan secured against the Telegraph and Spectator into equity, which it plans to exercise at an early opportunity.
This is a developing story
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