Telegraph.co.uk- The Treasury has this morning invited new bidders to come forward for Northern Rock after unveiling its long-awaited plan on how to resuscitate the stricken bank.
The move could make the competition among private bidders for Northern Rock – currently a race between Sir Richard Branson and ex-Abbey boss Luqman Arnold – wide open again.
In a statement, the Treasury said today that all proposals from buyers must be submitted by February 4th.
Any deal will be based on the Government’s decision, taken within the past few days, to turn the £25bn loaned by the Bank of England into bonds, that will be sold to investors. The bonds, whose term will be about five years, will be guaranteed by the Government.
