Barclays May Lose Manager Role in $1.2 Billion Loan
Barclays Plc may lose its role as manager of an 850 million pound ($1.2 billion) loan to U.K. property investor Glenn Maud that’s been in breach of its terms since July.
Bondholders will vote tomorrow to replace Barclays with broker CB Richard Ellis Group Inc. Barclays is proposing a restructuring to halt further breaches because Maud’s Propinvest Holdings Ltd., “is not in a position to provide further equity support” for the loan, the bank said in a statement on Feb. 20.