§ Mr. Burden
asked the Secretary of State for Trade and Industry whether a decision has been reached by him on the proposal that the British Leyland Motor Company should repay part of their Industrial Reorganisation Corporation loans.
§ Mr. Chataway
Yes. My right hon. Friend has agreed to accept immediate repayment of £20 million of the £25 million unsecured subordinated IRC loan due in 1975, on terms which have been negotiated with BLMC. These terms include an improvement in the status of the remaining £5 million, together with a revision of the interest rate and terminal date. An element in the restructuring will be the replacement of the £10 million revolving machine tool facility by a fixed-interest term-loan