UK backs Northern Rock bonds, seeks rescue bids
Steve SlaterBritain set a two-week deadline for a private-sector rescue of Northern Rock on Monday, as it confirmed plans to convert its billions of pounds of loans to the stricken bank into bonds in a bid to smooth a deal. The financing package will tie the government to Northern Rock, Britain's biggest casualty of the global credit crunch, for years to come.
Northern Rock shares plunge, customers flee
Steve SlaterThousands of customers queued to withdraw savings from embattled British bank Northern Rock on Monday and its shares plunged again, heightening pressure for a sale of the business or its assets. Britain's fifth-biggest mortgage lender said there was no need for investors or customers to panic
Virgin team picked for Northern Rock rescue
Steve SlaterA consortium led by Richard Branson's Virgin Group has been picked as the preferred bidder to rescue Northern Rock and plans to repay £11-billion ($22,6-billion) quickly to the Bank of England. Half the cash will come from the consortium and half will be raised through a rights issue at 25 pence per share.
Northern Rock CEO faces grilling on strategy
Steve SlaterNorthern Rock's bosses face their toughest grilling since the British bank was engulfed in a funding crisis a month ago when lawmakers quiz them on Tuesday on their strategy and assessment of risk. Northern Rock CEO Adam Applegarth faces a Treasury Committee panel that last month accused the Bank of England of being asleep at the wheel during the crisis.
