Taylor Wimpey, the stricken UK housebuilder, has reached a refinancing agreement with its key creditors after more than nine months of negotiations, the FT reported. The company also revealed pre-tax losses of nearly £2bn and net debts of £1.57bn.The 11th-hour deal came on the eve of a deadline on Wednesday to seek approval from its creditors, and gives Taylor Wimpey hope for a way out of the debt problems that have seen the group lose more than 90 per cent of its equity value since 2007.

This entry was posted by Stacy-Marie Ishmael on Wednesday, April 8th, 2009 at 4:57 and is filed under Capital markets. Tagged with Taylor Wimpey. Edit this entry.