A consortium that includes GIC, the Singaporean sovereign wealth investor, yesterday agreed one of the largest UK debt restructurings with bondholders in a move that will give hope to other investors in commercial mortgage backed securities.The group, which also includes a property fund managed by Lehman Brothers and Realstar, the Canadian property company, has received the backing of noteholders to restructure and extend debt that was used to buy hotels from InterContinental for £1bn in 2005. The hotels, comprising 57 Holiday Inns and 4 Crowne Plazas, are still operated by InterContinental. Full Story
