-Bondholders express anger against Co-operative Bank management.
Global Banking News - 02 September 2013
The refusal by the management of Co-operative Bank to engage in a conversation with its bondholders has led to expressions of anger against it, with the stakeholders terming the bank's approach as being in 'cloud cuckoo land'.
The bank has informed bondholders that they will have to take 'haircuts' on their deposits to help raise the GBP500m required to keep it from going out of business.
Bondholders are upset and angered by the fact that the mutual has told them to wait until the end of the month before being given details of the, so-called, exchange offer.
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