Lifemark clients wait for bond decision
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Over 20,000 clients with Keydata plans invested in Lifemark have been left in limbo after news that Lifemark is seeking to change its bond terms and conditions to avoid paying interest.
On Monday, Lifemark’s board of directors submitted an application to Luxemburg regulator, the Commission de Surveillance du Secteur Financier, to restructure its debt by converting existing Lifemark bonds into zero coupon bonds which would no longer oblige them to make interest payments.
On Tuesday, the CSSF suspended Lifemark securities from trading on the Luxemburg stock exchange. It will consider whether Lifemark’s proposal will ensure investors’ monies are recovered or whether it would be in their best interests to pursue liquidation.
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Readers' comments (1)
doug Martin | 4 Feb 2010 7:08 pm
Another shock for Keydata Investors. Pity is that PWC don't even update the website or at least try to explain what this will mean to our investment and capital. Given their fees you would hope they could at least tell the customer base what's going.
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