Towergate sell-off eases Q1 liquidity pressure

The sale of an aviation broking subsidiary last week to rival
JLT Group should enable Towergate to make the £31mn in Q1
coupon payments that are due to bondholders of its £1bn debt
mountain.
The embattled UK broker aggregator sold Hayward Aviation last
week for £27mn. Combined with the group's dwindling cash
reserves, this should be sufficient to cover the £31mn in
coupon payments due in January and February on its three layers of
traded debt.
Following a major debt...