Songbird’s helping hand

Songbird Estates is getting a helping hand. The owner of 60% of Canary Wharf Group has £4.3bn of debt and is in danger of breaking its covenants on an £880m loan. Canary Wharf Group’s offer to buy back some of its own debt could buy Songbird some time. The loan from Citigroup carries two covenants, both connected to the value of its assets – primarily the controlling interest in the East London real estate development. The appraised value of the Songbird property portfolio...