Lifemark investors could be forced to rely on the Financial Services Compensation Scheme (FSCS) to bail them out as talks between the troubled life settlement vehicle and CarVal Investors collapse.
US hedge fund CarVal has walked away from a £40 million restructuring deal which would have seen 25,000 Lifemark investors repaid over a 14-year-period, according to sources close to the negotiations.
The options for Lifemark and the prospects for its investors, who put £350 million into the Luxembourg-based vehicle via Keydata, founded by Stewart Ford, have now narrowed.
Lifemark needs to secure funding through a restructuring deal or sell the life settlement policies it holds in order to bridge its severe liquidity problems.
We will continue to monitor and post updates…
Source: Citywire.co.uk – Read full article
