British Housebuilder Taylor Wimpey confirmed this morning it is in talks with shareholders and other institutions about raising additional financing, which would most likely be via a placing and open offer.
The company also said it expects around £550 million ($1.1 billion) in writedowns in the UK.
In a statement Taylor Wimpey said it had agreed an amendment to the terms of the revolving credit facility with its banks, including the suspension of a covenant based on net interest in relation to EBITA, as it prepares to withstand what is sees as a "significant downturn" in the UK housing market.
