Engineering consultancy White Young Green has reached an agreement with creditors to restructure the company. If approved by shareholders, the deal will see the banks own 60% of the company in exchange for writing off £50m of debt. Employees will own 25% in a move designed to prevent key staff leaving and existing shareholders will be left with just 15%.
The deal was necessary to refinance the company’s £89m debt pile, built up after acquiring 18 companies in the past six...
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