Northern Rock, the poorly performing and scandle ridden building society / bank may be sent a lifeline. The large US private equity firm JC Flowers Co. has announced (last Friday) that it may be interested in taking over Northern Rock PLC this possible takeover would include a new management team for the British mortgage lender.
Last week, British Chancellor 'Alistair Darling' said the bank had only "a matter of weeks and months" to sort out its future
Northern Rock's analysts warned the North-East economy could take a £200m hit if the lender was officially bankrupted and closed.
