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Posted Monday 30th March 2009

Songbird estates, the name of the firm which owns Canary Wharf is reportedly close to breaching covenants on a loan of over £800 million. The falling value and demand for office space, as well as contracting rental values, has landed the company in it’s current predicament. If the breach were to occur, then the lender (Citigroup) could have the right to demand early repayment.

In a statement Songbird said that this would then…”cast significant doubt on the group’s ability to continue as a going concern and… it may be unable to realise its assets and discharge its liabilities in the normal course of business.”

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