(Alliance News) – The Barclay family has repaid the nearly GBP1.2 billion that it owed to Lloyds Banking Group PLC, opening up its chance to transfer control of the Telegraph newspaper to an Abu Dhabi-backed fund.
Lloyds confirmed that it had received the money on Monday, after seizing control of Telegraph Media Group in June over the unpaid debt.
It then tried to sell the newspaper group, which also owns the Spectator.
Lloyds said the debt of Penultimate Investments Holding Ltd, the holding company, had been repaid.
“We can confirm the repayment of the PIHL facilities has now completed,” it said.
“We are always keen to work constructively with customers who get into difficulty with their repayments to reach an amicable solution.
“We’d …
Read the full article at: https://www.morningstar.co.uk/uk/news/AN_1701697333127968500/barclay-family-repays-debt-to-lloyds-amid-potential-sale-of-telegraph.aspx