City Drafts Restructuring Plan For Emergency Virus Loans

Law360, London (July 16, 2020, 11:07 AM BST) -- The financial sector is proposing a debt restructuring program for the £35 billion ($44 billion) in government-backed emergency coronavirus loans that will start becoming repayable next March, as it seeks to prevent mass defaults and job losses among small and midsized businesses.

TheCityUK, a financial industry trade group, outlined plans on Thursday for a government-funded recovery program. The proposal, which it calls the U.K. Recovery Corporation, is designed to prevent as many as 780,000 vulnerable enterprises from defaulting on unsustainable debt from COVID-19 loans granted during the nationwide shutdown.

The new debt management entity would allow businesses to convert their debt into...

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