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N&P and Carval give cash lifeline to Lifemark

Norwich & Peterborough Buil-ding Society and US hedge fund Carval have provided lifeline capital to Keydata’s Lifemark.

N&P chief executive Matt-hew Bullock and Lifemark’s administrator Eric Collard of KPMG Luxembourg have been nailing down the final details of a shortto mediumterm package of debt facilities this week.

The £1.5m loan facility has been made available to cover premium payments on Lifemark’s traded life settlement bond portfolios, in which 23,000 UK savers were inves-ted by failed group Keydata, until a full bailout is secured.

CarVal, which had walked away from Lifemark after administrators thought its demands were too onerous, is also back in talks over contributing to the final bailout package.

The FSCS recently announ-ced that Lifemark investors could claim for compensation.

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