J.C Flowers could improve Northen Rock bid

The battle to buy Northern Rock has intensified with rumours that J.C Flowers will improve...

The battle to buy Northern Rock has intensified with rumours that J.C Flowers will improve its bid and claims it could walk away from the deal if the Government refuses to talk. The buyout group headed by Chris Flowers, the previous Goldman Sachs partner, wants to pay £15bn to the Bank of England and the rest of the debt would be considered along with other creditors. Rival consortium Virgin would pay £11bn of the banks loans and pay the balance by 2010 as with other creditors.