All articles by Brendan Malkin
Brendan Malkin
VF agreements under threat as CIT Group files bankruptcy
Global vendor finance agreements totalling hundreds of millions of pounds in value are under threat after CIT Group filed for bankruptcy protection last night. CIT Groups board of directors voted to proceed with a prepackaged plan of reorganisation of the company that could result in the lenders giant finance agreements with the likes of Dell, Avaya and Toshiba coming up for grabs. Under the plan, the giant US-based lender expects to reduce total debt by approximately $10 billion as well as significantly reduce its liquidity needs over the next three years and enhance its capital ratios
Angel Trains-Alstom Thameslink bid suffers early rejection
The government has torn up a bid by an Angel Trains and Alstom consortium to build and finance trains for the £1.4 billion Thameslink rail project. The decision, which represents a significant blow to the consortium which was due to launch in the UK its lightweight X’Trapolis trains for use on Thameslink, has been made weeks before the government is due to announce the name of the winning consortium.
Editor’s letter: Do we need innovation at a time like this?
Can things get any worse? Britain is in its longest recession ever, and the conservative governor of the Bank of England, Mervyn King, last month condemned the outlandish and immoral bonuses publicly-owned banks are paying their executives.
The Leasing Life Awards: Editor’s introduction
The Leasing Life awards are about the celebration of excellence in European asset finance across vendor finance, captive finance, the large lessors with networks across this continent and beyond, and also those individuals who play such a vital part in the success of this sector.
All change on the IEP
Back in February, the UK government announced the appointment of a consortium to finance and build the trains for its Intercity Express Programme. Then came the recession and an electrification report by Network Rail. Both have dramatically changed the face of the IEP, and might provide new opportunities to rail funders.
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Pinsent’s leasing guru joins Stephenson Harwood
Pinsent Masons leasing partner Graeme McLellan has jumped ship to law firm Stephenson Harwood, making the number of new arrivals with leasing specialisms at the London-based firm to four in recent months. Others include aircraft finance expert Richard Parsons, who arrived at the beginning of this month, Paul Ng, an aviation partner now working from offices in Singapore and China, who joined in March, and also Clare McConnell, who has project and asset finance expertise, who joined in February
Cash crisis sparks tranching of IEP fundraising
A shortage of liquidity has meant that financing for one of Britains largest ever rail projects, the Intercity Express Programme (IEP), will be sourced through five or six tranches of debt-raising rather than through one or two lump sum payments as had been originally planned, Leasing Life has learnt Alistair Dormer, the CEO of Agility Trains, the consortium building and financing the £7.5 billion (8.2 billion) IEP project, said a lack of cash in the capital markets was the reason for staggering the fundraising programme.
Law firms vie for place on Angel Trains panel
A host of law firms are seeking a place on a lucrative new legal panel currently being put together by Angel Trains. Historically, a centralised procurement arm of RBS, which sold Angel to a consortium led by the investment firm Babcock & Brown in 2008, decided which law firms the rosco could use
Influential Lombard figure retires
Terry Willis, an influential figure in UK leasing, has just retired from Lombard North Central after 27 years. Willis played an active role in most of Lombards key acquisitions, disposals and joint ventures throughout this period, and during the late 1990s rose to become the leasing companys head of legal. Also, as a member of the Finance & Leasing Associations legal committee, Willis worked hard lobbying on legislation and interpretation of it on behalf of the leasing industry.