Premier's banks enlist help

Monday, 10 November 2008
Advisors have been hired by Premier Foods' lenders in an effort to resolve the company's £1.7bn debt problem quickly, according to reports.

Deloitte, the accountancy, has been chosen by the firm's bankers - Lloyds TSB and Royal Bank of Scotland - to act on behalf of its lending syndicate, the Daily Telegraph said.

It is believed that Premier's borrowing covenants are to be relaxed or renegotiated, something that could give the company breathing space.

But the paper said that Premier, which makes brands such as Hovis and Branston Pickle, is trading strongly.

Today Premeir revealed it is to revamp a selection of its Loyd Grossman cooking sauces.
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