Nearly three months after UK hotels and pubs group Six Continents demerged, the thorny issues that the split threw up surrounding successor companies and credit derivatives have not gone away.
In September 2002, Six Continents started weighing up how best to deal with its outstanding debt before splitting its hotels business, which was to become InterContinental Hotels Group (IHG), from its pubs and bars, now Mitchells & Butlers. In particular, IHG would have inherited £250 million ($400 million) of debenture notes maturing in 2016 secured on pub assets.
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