On the advice of investment bank Goldman Sachs, the British Government are prepared to back a solution to the Northern Rock mortgages fiasco. The salvation plan would see NR mortgage loans converted into bonds in order to fund a takeover of the mortgage lender .
In response, according to financial reports, Northern Rock shares climbed. The financing plan means that the company is more likely to be bought privately. The company will plan to sell off mortgage loans, personal loans and other securities to a financier.
At this point, the British government would guarantee the transaction. According to reports, Rock still has the assets needed to pay back the monster loan provided by the Bank of England.
The fate of the company is now in the hands of two competitive bidders, the private-equity firm Olivant and Richard Branson’s Virgin Group.
New Northern Rock mortgage plan
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New Northern Rock mortgage plan
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