RSM Tenon, the UK's biggest bankruptcy adviser, is having to renegotiate its own survival with 10% shareholder Lloyds Banking Group just four months after agreeing an increase in its borrowings.
Tenon shares plunged 9% on its half-year results to 5.76p, putting a market value of £58 million on the UK's seventh-largest and only quoted accountant.
Lloyds was granted a warrant over 9.99% of the shares after it granted Tenon new facilities of £93m last October, an increase from £88m, as the group reported a £10m full-year increase in debt to £78m. Debt has now risen to £80.4m.
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