Thursday, March 26, 2009

Canary Wharf owner in danger of going bust

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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