20:20 restructures its debt

Around half of distributor 20:20 Mobile is apparently being taken over by two of the banks that lent current owner Doughty Hanson the money to buy it in the first place. The £175 million deal, which also sees Doughty Hanson making a £15 million investment, will reduce 20:20's debt by about two-thirds. Doughty Hanson bought 20:20 for £347 million from the Caudwell Group in September 2006. [Sources: Mobile News; FT.com]