LENDERS TO MOUCHEL have called in Deloitte to undertake a review of the engineering firm’s business model after a drop in government contract wins.
Mouchel is attempting to refinance is £190m debt with a lending syndicate that include RBS, Barclays and Lloyds. The review will focus on how a fall in government contracts will affect Mouchel’s future cashflow, reported the Daily Telegraph.
If the banks lend more to Mouchel, it would likely be at a high rate that would require an emergency rights issue, the Telegraph added.
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