Varde has spent the past year buying up Crest鈥檚 debt and now controls more than 80% of the company. It is now working with Crest on a balance sheet restructuring to convert 拢500m debt to equity. This will see Varde as majority owner, with Crest鈥檚 management and a consortium of seven banks also having shares in the business.
Crest became 90% owned by its 24 lending banks following a previous 拢630m debt for equity swap in January 2009.
Varde鈥檚 involvement with Crest Nicholson began in September 2010 when it took over HBOS鈥檚 30% stake in the business from Lloyds.
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