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Pearl defers £33m interest payment to bondholders

Hugh Osmond’s Pearl Group has deferred making a £33m interest payment on £500m worth of bonds.

The bonds, were issued by Clive Cowdery’s original Resolution before it was taken over by Pearl in 2007.

In a statement to the City, the firm blamed market conditions.

It said: “Although the board has determined it currently has sufficient resources to pay the coupon on the notes, in making its decision to defer payment of the coupon the board took into account ongoing market conditions and decided to maintain an increased level of prudence in the current environment.”

Pearl added that it was evaluating buying back the bonds at their market price of 12.5p. This equates to £62.5m of the £500m bond issue. It said an offer would not be made until it files its 2008 financial returns this month.

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