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Pendragon's Debt Breach

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property joint venture worth £375 million involving the car dealer Pendragon has breached its banking covenants, leading to demands for a multi-million-pound cash injection.Britain's largest car dealer, together with joint venture partner aAIM, a property fund manager, have been asked to put £20 million into the venture that owns the vast bulk of the company's car showrooms. It is understood the joint venture has breached tight loan-to-value covenants on £330m of debt supplied by Royal Bank of Scotland.

Because Pendragon owns the leases, it could decide to walk away from the joint venture and is understood to have no obligation to support it, according to people close to the company. Pendragon could alternatively opt to extend the length of the leases on the property to bolster their value.


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