The Barclay family, which previously owned the UK’s Daily and Sunday Telegraph newspapers, made a proposal last week to buy back about £1 billion ($1.26 billion) of debt it owes to Lloyds Banking Group Plc, Sky News reported.
(Bloomberg) — The Barclay family, which previously owned the UK’s Daily and Sunday Telegraph newspapers, made a proposal last week to buy back about £1 billion ($1.26 billion) of debt it owes to Lloyds Banking Group Plc, Sky News reported.
The family, supported by unidentified backers in Abu Dhabi, is attempting to regain control over the Telegraph’s holding company, Sky said, citing unidentified people familiar with the matter. They offered to repurchase the loans for between £500 million and £600 million, representing a substantial discount, Sky said, citing one of the people.
Lloyds is said to have rejected the offer and intends to go through with a sales process for the Telegraph and other titles owned by the holding company. The lender seized the newspapers this year following years of negotiations on debt reduction with the Barclay family.
Representatives for the Barclay family and Lloyds both declined to comment to Sky News.
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