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Maybourne needs £600m refinancing

14 June 2010 by
Maybourne needs £600m refinancing

Maybourne Group, the firm that owns Claridge's, the Connaught and the Berkeley in London, needs to refinance more than £600m of loans before the end of the year, according to reports.

If the company doesn't manage to secure a refinancing deal it risks falling into the hands of its bank creditors, the Bank of Ireland and Anglo Irish Bank, the Guardian reported.

Accounts posted by Maybourne's parent company Coroin showed that the business had debts of £672m due after one year.

The firm is already in talks with Deutsche Bank about a refinancing, the paper said.

The refinancing talks could also involve Barclays Bank, already a banker to Maybourne.They are thought to be focussing around how much equity shareholders could inject into the business, as that could determine whether creditors force the company into a sale of assets.

Maybourne has said that it has no plans to sell the properties, although it has already been reported that they may be sold for the right price.

The company bought its hotels, which also included the Savoy in London, for £750m in 2004. The Savoy was later sold for £230m.

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By Neil Gerrard

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