Edinburgh City Council bail out EDI
December 15 2009
The firm is responsible for regeneration of the city's Craigmillar estate and the Council will now draw up a long term business plan to ensure the troubled company can resume development within three years.
Lloyds banking group had been calling in £51m of debt which would have plunged EDI into administration, the council's acquisition means that the developer now has no outstanding debts however.
The council was required to borrow the money to pay for this debt incurring £3.5m of annual charges, this is expected to be offset by £3.9m of annual rental income from existing properties.
Back to December 2009
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