Banks invite Levene to take top Canary Wharf job
Your support helps us to tell the story
From reproductive rights to climate change to Big Tech, The Independent is on the ground when the story is developing. Whether it's investigating the financials of Elon Musk's pro-Trump PAC or producing our latest documentary, 'The A Word', which shines a light on the American women fighting for reproductive rights, we know how important it is to parse out the facts from the messaging.
At such a critical moment in US history, we need reporters on the ground. Your donation allows us to keep sending journalists to speak to both sides of the story.
The Independent is trusted by Americans across the entire political spectrum. And unlike many other quality news outlets, we choose not to lock Americans out of our reporting and analysis with paywalls. We believe quality journalism should be available to everyone, paid for by those who can afford it.
Your support makes all the difference.BANKERS who have lent more than pounds 500m to Canary Wharf have approached Sir Peter Levene, former head of procurement at the Ministry of Defence, to be chairman of the beleaguered development in a move to release it from administration.
Sir Peter, who at present divides his time between running the London office of the US buyout specialists Wasserstein Perella and chairing the Docklands Light Railway, has yet to say if he will accept the job.
However, senior bankers said they were 'quietly confident' that the former Whitehall mandarin - who rejected an approach from Olympia & York's Paul Reichmann to head Canary Wharf before it collapsed - would accept this time.
Sir Peter, 53, is known to be close to Michael Heseltine, President of the Board of Trade, who hired him when Minister of Defence from United Scientific Holdings, the defence contractor he built up. His appointment at the time caused a storm, not only because of his 'poacher turned gamekeeper' role but also because of his salary, which was twice that of his predecessor.
Ernst & Young, the administrators appointed a year ago, are in talks with the banks about a plan to bring Canary Wharf out of administration through a voluntary scheme of arrangement - the largest of its kind contemplated in the UK.
In the arrangement the banks would provide pounds 200m of extra finance - of which just under half will come from the European Investment Bank - to fund the completion of the project and the commitment, made by O&Y, to contribute to the cost of the Jubilee Line extension to Docklands.
Ernst & Young is hoping to be able to post the terms of the scheme of arrangement to creditors in the next few weeks. If approved, Canary Wharf would be reconstituted as a private company.
Join our commenting forum
Join thought-provoking conversations, follow other Independent readers and see their replies
Comments