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Embattled UK bank Northern Rock has singled out a Richard Branson-backed Virgin Consortium as the preferred bidder for the company.
Virgin’s proposal includes a £11 billion ($25.9 billion) repayment of the emergency loans lent by the Bank of England. Virgin will also pump a further £1.3 billion into the bank.
Bryan Sanderson, chairman of Northern Rock, said: “This is very good news for Northern Rock. Over the last few weeks and months we have looked at the issues from the perspective of all stakeholders… and [I] am pleased that a solution that firmly restores the company’s prospects has been identified.”
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