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Reduction of Interest on the Company's Bonds Considered
At a General Court Sir Matthew Decker reported three schemes to reduce bond interest as impracticable but noted a Bank offer at low rates which was refused. Subscriptions of 240,900 pounds were taken with others seeking 285,000 pounds at 3 percent. After debates the court approved reducing interest to 3 percent and arranged to notify bondholders to exchange for new bonds payable in 18 months at 3 percent. Bondholders faced a 10s per cent premium if they exchanged, triggering alarm among creditors.
MENTIONED IN THIS ARTICLE
Matthew Decker