Refinance deal agreed?

The Royal Bank of Scotland has agreed that the £350m owed by George Gillett and Tom Hicks and due to be repaid next month, will be refinanced although the RBS will insist on significant payments over the next six months according to the BBC.

"I understand that Royal Bank of Scotland has told its two billionaire owners, George Gillett and Tom Hicks, that their £350m debt - which falls due for repayment on 24 July and is owed to Royal Bank and Wachovia of the US - will be refinanced," said BBC Business Editor Robert Peston.

"A new lending agreement will be put on place."