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UK Banks Face Losses On GBP112 Million Of Debts To Luminar - Newspaper

LONDON--Lloyds Banking Group (LYG), Royal Bank of Scotland Group PLC (RBS) and Barclays PLC (BCS) are set to make "significant" losses on aggregate debt of GBP112 million to Luminar PLC which collapsed into administration last year, the Daily Telegraph reports Tuesday. The creditors pulled the plug on the nightclub operator after it racked up losses of almost GBP200 million and was hit by a surge in youth unemployment, the paper adds. In a report filed at Companies House, the company's administrators Ernst & Young said that "it is still estimated that secured creditors [the banks] will experience a significant shortfall following distribution of the net fixed and floating charge realisations from the administration," the paper reports. In the report the administrator said the three banks were owed GBP112.4 million between them. Newspaper website: http://www.telegraph.co.uk -London Bureau, Dow Jones Newswires; +44 (0)20 7842 9320

Stock News for Royal Bank of Scotland Grp. (RBS)
DateTimeHeadline
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07/25/201406:05:48U.K. Equities Take the Limelight in European Markets
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07/25/201406:03:34LONDON MARKETS: BSkyB Drops, RBS Climbs In London Trade
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07/18/201406:57:07U.K. to Probe Retail Banking Sector
07/17/201420:02:33RBS Winding Down a Distressed-Debt Unit -Bloomberg
06/24/201412:40:22Fed Gives Banks Extra Time on Capital Plans
06/24/201412:00:06Correction to Fed Gives Four Banks Time to Resubmit Capital Plans...
06/24/201411:38:54Fed Gives Four Banks Six Extra Months to Resubmit Capital Plans
06/23/201412:33:15LONDON MARKETS: U.K. Housing Stocks Sag On Mortgage Concerns
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06/22/201416:44:41Documents Said to Tie Former RBS Unit to bin Laden Family Members
05/28/201412:37:12EUROPE MARKETS: European Stocks Tilt Lower; Glaxo Falls On Probe...
05/27/201415:02:12RBS to Cut Hundreds of U.S. Jobs -- Update

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