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Context of 'December 7, 2007: Bidder with Banking Experience Enters Race for Troubled Northern Rock, But Will Later Pull Out'

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A consortium led by Sir Richard Branson’s Virgin Group puts forward a proposal to rescue troubled British mortgage lender Northern Rock. Under the plans, Northern Rock would keep its stock market listing, but would be rebranded as Virgin Money. [Daily Telegraph, 2/26/2008; BBC, 8/5/2008]

Entity Tags: Northern Rock plc, Virgin Group Ltd, Richard Branson

The Olivant group unveils its rescue proposal for the troubled British lender Northern Rock, which is up for sale because of problems it has encountered during the credit crisis. Olivant is led by Luqman Arnold, formerly head of British Abbey bank. The company says it could immediately repay up to £15 billion ($30 billion) of government money that Northern Rock has borrowed to help it through the crisis. However, Olivant will later complain about the negotiating process and will not submit a final bid. [Daily Telegraph, 2/26/2008; BBC, 8/5/2008]

Entity Tags: Luqman Arnold, Northern Rock plc, Olivant Ltd

Timeline Tags: Global Economic Crises

At a meeting with management, the largest two shareholders in the troubled British mortgage lender Northern Rock—hedge funds RAB Capital and SRM Global—put forward a proposal that will stop the bank’s management negotiating its sale without consent from its shareholders. The bank needs to be sold to a new owner because of problems it has encountered during the credit crisis, and both major shareholders are worried they will not get much for their holdings (see November 26, 2007 and Shortly Before December 25, 2007). However, the bank’s management argues that the proposal should be rejected, as it would make a sale harder, and the other shareholders follow their lead, opening the way for the bank to be sold. [BBC, 8/5/2008]

Entity Tags: SRM Global, RAB Capital plc, Northern Rock plc

Timeline Tags: Global Economic Crises

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