Thursday, March 26, 2009

Canary Wharf owner in danger of going bust





Timesonline.co.uk.

March 26, 2009

The owner of Canary Wharf has revealed that it is in danger of going bust for a second time.

The plunging value of property, after various tenants have either collapsed or indicated they may move out, means there is a "material risk" that Songbird Estates, the Morgan Stanley-backed consortium that acquired most of the development in 2004, could be in breach of its banking covenants within a year.

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