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DEBT LADEN TULLOCHS ARE FORCED TO SWAP DEBT FOR EQUITY.
(February 15, 2010)LATEST ACCOUNTS REVEAL THAT DEBT LADEN TULLOCH HOMES HAD BREACHED ITS BANKING AGREEMENTS WITH BANK-OF -SCOTLAND AND HAD TO BE RESCUED BY THEIR BANKERS IN DECEMBER 2009 .BANK OF SCOTLAND HAS HAD TO EXCHANGE THIRTY MILLION PONDS OF DEBT FOR EQUITY .
THIS STILL LEAVES TULLOCHS OVER £100 MILLION IN DEBT WITH MANY OF THEIR PROJECTS BEING ABANDONED FOR NIL CONSIDERATION WITH THEIR JOINT VENTURE PARTNERS.
REF ACCOUNTS NO SC 166347