The approval of Halifax Bank of Scotland and BNZ will be required before Hanover Finance can proceed with its proposed delayed repayment and recapitalisation, the Independent has reported. Hanover's founders Mark Hotchin and Eric Watson plan to offer up the Axis group of properties to back the rescue plan, but several of the properties in the group have bank loans that rank ahead of mezzanine finance held by Hanover. Bank approval will be required for the deal to proceed. "The two main banks holding mortgages ranking ahead of Hanover's mezzanine finance are understood to be Bank of New Zealand and HBOS," the Independent's Deputy Editor Denise McNabb reported.
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