Alex Chesterman, the founder of Cazoo, will have his shareholding in the company almost wiped out as bondholders take control of the loss-making online car seller.
Cazoo bondholders have agreed to swap the debt they own for shares in the company, swamping existing shareholders who will own just 8pc of the online used car dealer after the transaction.
The dilution will shrink Mr Chesterman’s existing holding from 24pc to less than 2pc.
You go bust, you lose the company. Shrug.