UK Banks Face Losses On GBP112 Million Of Debts To Luminar - Newspaper

Date : 06/05/2012 @ 9:18AM
Source : Dow Jones News
Stock : Royal Bank of Scotland Grp. Plc New (The) Ads (RBS)
Quote : 6.84  0.3 (4.59%) @ 4:24PM

UK Banks Face Losses On GBP112 Million Of Debts To Luminar - Newspaper

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LONDON--Lloyds Banking Group (LYG), Royal Bank of Scotland Group PLC (RBS) and Barclays PLC (BCS) are set to make "significant" losses on aggregate debt of GBP112 million to Luminar PLC which collapsed into administration last year, the Daily Telegraph reports Tuesday.

The creditors pulled the plug on the nightclub operator after it racked up losses of almost GBP200 million and was hit by a surge in youth unemployment, the paper adds.

In a report filed at Companies House, the company's administrators Ernst & Young said that "it is still estimated that secured creditors [the banks] will experience a significant shortfall following distribution of the net fixed and floating charge realisations from the administration," the paper reports.

In the report the administrator said the three banks were owed GBP112.4 million between them.

Newspaper website: http://www.telegraph.co.uk

-London Bureau, Dow Jones Newswires; +44 (0)20 7842 9320




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