Housebuilder Taylor Wimpey has announced that it expects to "successfully conclude" negotiations with lenders over its £1.55bn debt burden in April rather than March. With the blessing of banks and bondholders, the crucial financial covenant testing deadline has been moved back from 31 March to April to allow negotiations to complete.
"These discussions are at an advanced stage and continue on a constructive basis with all debt providers being supportive of the company," the company said. "The company now expects to successfully conclude this process in April, following the completion of a formal three-week bondholder approval process." Full-year results for the year ending 31 December 2008 will be released "following the completion of the financing process in April".
