Towergate starts selling spree with Hayward Aviation

Debt-saddled UK intermediary Towergate has sold its aviation
broker Hayward Aviation to JLT for a consideration of £27mn.


The deal is the first in what is expected to be a series of
disposals by Towergate, as it attempts to get its £1bn of debt
under control.


Towergate has three tranches of paper in the debt markets:
£305mn of senior 10.5 percent bonds, due February 2019;
£234mn of senior secured 8.5 percent bonds, due February 2018;
and £396mn in senior secured...