The Co-operative Bank has confirmed that it is in advanced talks with existing investors about a possible rescue, amid reports that the Co-operative Group is concerned about a mooted £200m pension deal.
That leaves the United States hedge funds that own 80% of the bank, Blue Mountain Capital Management, Cyrus Capital Partners, GoldenTree Asset Management and Silver Point, to structure a rescue.
An agreement over the pensions arrangement is necessary for approval of the remainder of the USA hedge funds' rescue plan for the Co-Op Bank.
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We live a 15-minute drive away so I kept her on the line and jumped in a auto with my brother and headed straight there. DAC Basu added: "The attack unfolded whilst a man was receiving first aid from the public at the scene".
The lender added that discussions are also ongoing regarding the separation of the Co-op Group pension scheme, which would clear the path for a takeover.
"The bank notes recent media speculation and confirms that it is in advanced discussions with a group of existing investors with a view to a prospective equity capital raise and liability management exercise", the lender said.
Meanwhile, the bank said that as well as exploring potential recapitalisation it was also proceeding with its sale process.
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Finsbury Park resident Cynthia Vanzella told Sky News she was trying to get to sleep when she heard a lot of shouting and panic. The incident is being investigated by counter-terror cops, who say they are now not looking for any other suspects.
When it offered itself for sale, the Co-op Bank blamed low interest rates and the higher-than-expected cost of its turnaround plan for its failure to meet the Bank's Prudential Regulation Authority (PRA) rules.
In April Co-op Group declared its 20% share of the lender worthless by writing down its entire value to zero, even though it continued discussions with other investors to save the business.
Sources said that the Co-operative Group, which now owns a 20 per cent stake in the bank, was demanding a more robust financial package to protect the 90,000 members of their joint retirement scheme.
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Even just trying to take my medicine is very, very hard . "It's still golf, you've got to make some putts", said J.B. With a record number of scores under par in Round 1, it's no surprise the course was set up tougher for Round 2.
Since failing the Bank of England's stress test in 2014, Co-op bank has been closely watched by regulators while it tries to restore its capital to an acceptable level.
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