RNS Number : 5094I
  Zela Finance Corporation
  19 November 2008
   

    To:    RNS
    London Stock Exchange
    10 Paternoster Square
    London EC4M 7LS

    Date: 18 November 2008



    ZELA FINANCE CORPORATION

    Zela Corporation ("Zela") shall transition into the operating state defined as Defeasance on 19 November 2008

    This follows a transaction, whereby Citibank, N.A. agreed with Zela on 18 November 2008 to purchase (at their current values) all
remaining assets and assume all derivative contracts held by Zela. 

    As part of this transaction Citi has agreed to ensure that Zela will have sufficient funds to repay its senior debt /liabilities and
provide for the obligations to other secured creditors as they fall due.



    Citibank International plc
    (as Investment Manager and Group Funding Manager of Zela Finance Corporation)

This information is provided by RNS
The company news service from the London Stock Exchange
 
  END 
 
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