Norwich & Peterborough Building Society and US hedge fund CarVal have provided lifeline capital to Keydata’s Lifemark.
Matthew Bullock, chief executive of N&P, and Lifemark’s administrator, Eric Collard of KPMG Luxembourg, have been nailing down the final details of a short- to medium-term package of debt facilities this week.
The £1.5m loan facility has been made available to cover premium payments on Lifemark’s traded life settlement bond portfolios, in which 23,000 British savers were invested by failed group Keydata, until a full bailout is secured. (article continues below)
CarVal, which had walked away from Lifemark after administrators thought its demands were too onerous, is also back in talks over contributing to the final bailout package.
The FSCS recently announced that Lifemark investors could claim for compensation.