UNQUOTE

UK - JC Flowers edges closer to Northern Rock

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JC Flowers is reported to be a step closer to a possible bid for Northern Rock after it was revealed the US buyout group has ТЃ15bn of debt already in place. JC Flowers could begin due diligence on the ailing bank in the coming weeks. Cerberus is also thought to still have designs on Rock.

It is likely that any buyer of Northern Rock will be aided by financial support from the government. Without a buyer, Northern Rock could enter administration, a situation the government would wish to avoid.
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