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16Aug91 UK: CHARLES CHURCH SPARED FROM RECEIVERS AFTER FINANCIAL RESTRUCTURE.

By Bill Fishlock.Charles Church, the house builder which acquired heavy debts when it was taken private in 1989, has been spared from receivership by a financial restructuring agreed with its banks.Church's main banks have agreed to defer part of its debts - reported at £78 million in June - and to convert a further part into preference shares or subordinated loan stock. They have also agreed to subscribe for ordinary shares.The company, whose founder Charles Church was killed ...

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