HC Deb 22 June 1972 vol 839 c169W
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