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Cattles gets knock back on survival deal

Cattles, the embattled plc whose brands include Welcome Car Finance, has had a knock back on negotiations for its survival.

The sub-prime lender, who closed Welcome Car Finance to new business after a £850m hole was discovered in the group's accounts, has failed to secure a survival deal with creditors.

A key group of bond-holders has pulled out of the negotiations, which were focused on who should get first claim on any funds if the group gets wound up in an orderly restructure.

Cattles said it will continue talks with other lenders.

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