Friday, July 4, 2008
Texas Pacific Group leaves B+B at the altar
Last month private equity firm TPG pledged to invest £179 into ailing lender Bradford & Bingley. But after hearing that Moody's had downgraded B+B's credit rating, TPG has done a last minute runner. Now the bank has had to go back to the drawing board, with an enlarged rights issue, in a desperate attempt to scrape up some cash. Oops!