Financier Staveley says she's paid $4.4 mln to try to settle loan dispute
By Kirstin Ridley
LONDON, Aug 1 (Reuters) -British businesswoman Amanda Staveley has paid 3.47 million pounds ($4.44 million) to shipping magnate Victor Restis in an attempt to settle a claim over a historic loan that could have led to a bankruptcy petition against her.
Staveley, a seasoned dealmaker with close links to Gulf investors, told Reuters that the payment was made "some weeks ago" but that Restis was still holding out for interest.
"It's over," she told Reuters on Thursday, adding that she was happy to pay a reasonable, agreed interest rate to draw a final line under the dispute.
Her lawyer confirmed that the principal sum of 3.47 million pounds had been paid with interest still to be agreed.
A London lawyer for Restis said he was unable to comment.
The dispute pitched the financier – whose PCP Capital Partners helped Barclays BARC.L secure a multibillion-pound Abu Dhabi-backed lifeline during the 2008 credit crisis – against Restis, who had provided a witness statement for Staveley's subsequent unsuccessful lawsuit against the British bank for damages.
Staveley in March failed to set aside a statutory demand by Restis in the dispute over a tranche of a 10-million-pound, 2008 loan to her businesses. The claim had included interest of 31.3 million pounds, accruing at 505,000 pounds per day.
A successful statutory demand can lead to a bankruptcy petition if a debt is not paid within 21 days.
Staveley's PCP, which has since been renamed Apollo Belvedere Services, fronted a Saudi Arabian-led consortium to buy Premier League club Newcastle United in 2021. Staveley and her husband have since sold their own minority stake.
($1 = 0.7817 pounds)
Reporting by Kirstin Ridley; Editing by Mark Potter
Related Assets
Latest News
Disclaimer: The XM Group entities provide execution-only service and access to our Online Trading Facility, permitting a person to view and/or use the content available on or via the website, is not intended to change or expand on this, nor does it change or expand on this. Such access and use are always subject to: (i) Terms and Conditions; (ii) Risk Warnings; and (iii) Full Disclaimer. Such content is therefore provided as no more than general information. Particularly, please be aware that the contents of our Online Trading Facility are neither a solicitation, nor an offer to enter any transactions on the financial markets. Trading on any financial market involves a significant level of risk to your capital.
All material published on our Online Trading Facility is intended for educational/informational purposes only, and does not contain – nor should it be considered as containing – financial, investment tax or trading advice and recommendations; or a record of our trading prices; or an offer of, or solicitation for, a transaction in any financial instruments; or unsolicited financial promotions to you.
Any third-party content, as well as content prepared by XM, such as: opinions, news, research, analyses, prices and other information or links to third-party sites contained on this website are provided on an “as-is” basis, as general market commentary, and do not constitute investment advice. To the extent that any content is construed as investment research, you must note and accept that the content was not intended to and has not been prepared in accordance with legal requirements designed to promote the independence of investment research and as such, it would be considered as marketing communication under the relevant laws and regulations. Please ensure that you have read and understood our Notification on Non-Independent Investment. Research and Risk Warning concerning the foregoing information, which can be accessed here.
