Co-op Bank rescue plan approved

Press Association
Updated
Co-Operative Bank Plc Branches And Logos As Bond Swap Vote Deadline Approaches
Co-Operative Bank Plc Branches And Logos As Bond Swap Vote Deadline Approaches

%VIRTUAL-SkimlinksPromo%A rescue plan to plug a £1.5 billion black hole in the Co-operative Bank's finances has been approved by a court, the lender said today.

The decision clears the way for a "liability management exercise" - under which bond holders including US hedge funds will take control of the bank - to be completed by the end of this week.

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