Taylor Wimpey: No haircuts

Taylor Wimpey is buying itself some time. After failing to get a rights issue away last year, the struggling UK house builder is close to reaching agreement with creditors to revise the covenants on its £1.6bn of debt. But this won’t solve the problem created in the 2007 merger: the company has too much debt in the first place. TW has been in talks with creditors for more than nine months. That’s a reflection of the complexity of its creditor base. A syndicate of 15 UK banks hold around £620m o...