Struggling housebuilder Barratt Developments has hired investment bank NM Rothschild and a restructuring team from Deloitte to negotiate with its lenders, a banking syndicate led by HSBC, Royal Bank of Scotland, Barclays and Lloyds TSB, which has given preliminary approval to a deal.
The banks' credit committees were yesterday formally considering the plan. Sources close to Barratt, which has debt of £1.7bn and a market, told The Daily Telegraph that, barring any last-minute hitch, the company would announce the refinancing at its trading update next week.




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