Thursday, Nov 20, 2008
Goodbye Taylor Wimpey............................
contract journal: Taylor Wimpey faces new bank deadline of 1 January
As a result, Fitch has downgraded its rating on Taylor Wimpey’s debt from B to CCC which is well into “junk bond” territory.
A forced liquidation is now a possibility, says Fitch.
The credit rating agency says: “Fitch now believes default at Taylor Wimpey is a real possibility, with a distressed debt exchange, such as debt-for-equity swap, looking increasingly likely.
“Although Fitch believes it less likely, a forced liquidation of the company is also a possibility.”
Posted by mark @ 04:53 PM (934 views) Add Comment
15 Comments
- If you do not have an admin password leave the password field blank.
- If you would like to request a password allowing you to add comments and blog news articles without needing each one approved manually, send an e-mail to the webmaster.
- Your email address is required so we can verify that the comment is genuine. It will not be posted anywhere on the site, will be stored confidentially by us and never given out to any third party.
- Please note that any viewpoints published here as comments are user's views and not the views of HousePriceCrash.co.uk.
- Please adhere to the Guidelines
1. little professor said...
Taylor Wipeout - their credit rating is now just one rung above 'default' and their share price has dropped 98%. This is a dead parrot.
2. mark said...
£40m London Olympics badminton venue axed - rather than me posting this in the main blog, see link below.......
http://www.contractjournal.com/Articles/2008/11/20/62184/40m-london-olympics-badminton-venue-axed.html
3. rm96696 said...
Shouldn't they be building more houses as housing minister margaret beckett suggests?
4. mark said...
Boris seems to have taken over that job in London.........with his £5 billion building plan............just what we need more empty houses.......
5. Brit 1234 said...
“If the group goes under it would be a hugely negative moment but at least it would draw a line under the entire house building sector and we could move on.”
I don't think so some how, next we look at Barratts.
6. fjcruiser said...
TW cannot cook the books any longer, so bankrupcy is the next chapter.
7. doomwatch said...
Got nationalisation written all over it.
8. flintster1994 said...
Doomwatch, you really think so? Sheesh!
9. jack c said...
It's got going bust written all over and someone picking up the real assets of the company for next to nothing
10. tyrellcorporation said...
Doomwatch, I'm inclined to agree. Just think Gordon would then have Banks and Builders to play with. All the pieces are in place to start a soviet style grand housing plan.
11. This comment has been removed as it was found to be in breach of our Blog Policies.
12. This comment has been removed as it was found to be in breach of our Blog Policies.
13. This comment has been removed as it was found to be in breach of our Blog Policies.
14. Eblip said...
this company has lost me a fortune....its as good as bust....
i know i work for them...
looking for a new job before they throw us out with all the bad debt....its checkmate for us at tw.
15. Eblip said...
the game is officially over ..were speaking to the receivers