Tue, 26 Oct 2010 | ADMINISTRATION
A £150 million cash injection does not seem to be enough to save property development firm Targetfollow from falling into administration.
Targetfellow, which is led by founder Ardeshir Naghshineh, specialises in the acquisition and management of UK investment and development properties, with buildings in more than 30 towns and cities. The firm owns London landmark Centre Point.
The firm reportedly owes more than £700 million to Lloyds Banking Group. The bank is said to be unwilling to accept the investment cash - £150 million from a 'high-quality institutional consortium' - and wants to press forward with a High Court hearing about possible administration procedures.
Lloyds must approve any capital injection and sources close to the bank say that it believes the consortium's terms are 'not feasible' and would require it to take writedowns. The offer is a 'long way' from what the bank considers appropriate, sources added.
But Naghshineh said that the consortium and its cash injection could 'address any issues' the bank has had with Targetfollow over the past year.
He also said that the last-minute promise of investment could have the potential to
'pave the way for the bank and the company to move on from what has been a very difficult time.'
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