S.Candal-hit transport company Eddie Stobart Logistics has been forced to receive high-interest emergency loans to avoid a collapse before Christmas that would put more than 6,500 jobs at risk.
The company took a £ 55 million loan from investment company Dbay Advisors – with interest charged at an initial rate of 25pc. The deal will give Dbay a majority stake in the company, burdening existing shareholders with heavy losses.
The cash injection came after banks Eddie Stobart refused to lend more money, because the bank was grappling with a million-pound accounting black hole.
One insider said: "If the agreement does not happen immediately, it could be a curtain."
Eddie Stobart has been racing to finish his account …