Originally Posted by
FRogge
Nah, TC had been struggling already for a longer time. A loan guarantee would have just pushed the bankruptcy back with X amount of months.
Remember what Meysman said (noting that he said was no guarantee of truth), that the £200m was just extra cover for W2020, the debt equity swap would have cleared half of the gross debt etc etc "and" the banks were happy. HM Government were just a security.
Now, "I believe that" this is the reason why TCG are not here -Q152
Drew Hendry: Given that situation, why do you think the Government said no to you?
Peter Fankhauser: Um—
Drew Hendry: I am asking you.
Peter Fankhauser: I can just say what is in the letter.
They did not want to create a precedent to support the business. I was awfully sad when I had the high official on the phone at about 5 o’clock in the evening, because I knew that I had to throw in the towel.
Just imagine giving a lifeline to a commercial business pre Brexit, when, if things get tough, post Brexit, a precedent has been set. OK, a political problem, but.......