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...RedBird IMI, the vehicle backed by IMI, short-circuited this sales process by offering the family money to pay the Lloyds loan back in full....
...Lloyds declined to comment....
...Until then, the Barclay family, whose stake in the group was seized by Lloyds Banking Group, retain technical ownership of the newspaper, but with no operational control....
...managed to short circuit an auction process of the newspaper and its magazine stablemate, the Spectator, by agreeing to repay the debts of the original owners, the Barclay family, which had prompted lender Lloyds...
...UK bank Lloyds has kicked off the sale of the Telegraph and the Spectator magazine after taking control of the titles from the Barclay family earlier this summer....
...Upstart centres such as Bermuda have benefited from nimble regulation, challenging the Lloyd’s business. That ingredient is missing at the moment from a Lloyd’s fightback. Read more here....
...But the Pentagon remains very concerned about Chinese behaviour around the Second Thomas Shoal, a disputed reef in the South China Sea....
...This led to a complicated deal where IMI and RedBird IMI paid off the £1.1bn owed by the family to Lloyds in return for control of the Telegraph....
...The auction of the Telegraph has been paused while Lloyds Bank negotiates a deal that would leave control of the British newspaper with an Abu Dhabi-backed investment group....
...However, two people close to Lloyds said it would have been unfair to keep the process running while also reviewing the proposal....
...The family lost control of the group after failing to repay bad debts of close to £1.2bn last year to Lloyds Banking Group....
...RedBird IMI last year struck a deal to buy the media group from Lloyds for about £600mn after the bank seized control from the Barclay family over unpaid debts....
...A spokesperson for the Barclay family said: “The family continues to work on finding a mutually acceptable resolution with Lloyds Banking Group regarding the media assets.” Lloyds declined to comment....
...On Monday the Barclay family paid Lloyds more than £1.1bn to clear their decades-long debts with the bank....
...RedBird agreed to repay the roughly £600mn debt of the original owners of the Telegraph group, the Barclay family, which had prompted Lloyds Banking Group to seize control of the assets....
...Lazard is also advising Lloyds....
...Lloyds and the Barclay family declined to comment....
...Frazer’s concerns were made in a letter to Lloyds Banking Group, the Barclay family — who previously controlled the Telegraph until their £1.1bn debt owed to Lloyds propelled the newspaper group into receivership...
...Lloyds will receive an unexpectedly large windfall as all the debt is paid off....
...RedBird IMI managed to short-circuit an auction process of the newspaper group last year by agreeing to repay the debts of the original owners, the Barclay family, which had prompted the Lloyds Banking Group...
...Lloyds has already called for the funds to repay the loan, according to people close to the process....
...Redbird IMI is in pole position to take over the Telegraph and the Spectator magazine after agreeing to pay down the money owed to Lloyds by the Barclay family, the former owners....
...Frazer’s concerns were aired in a letter to Lloyds, the Barclay family and RedBird on Wednesday morning....
...If Lloyds agrees to the proposal, the deal will mark the end of the Barclay family’s ownership of the national newspapers after two decades....
...Lloyds declined to comment. HSBC could not immediately comment....
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