Lenders bail out Cordiant.

Byline: Lisa Clifford in London

Lenders threw debt-ridden British advertising group Cordiant Communications plc a lifeline Thursday, May 1, offering emergency funding to take it through until July.

Shares in Cordiant soared 73% to 13 pence on the news that days of frantic negotiation sparked by the defection of a major client had produced an agreement with banks and bondholders. Investors were also encouraged the group could meet the Thursday deadline for publishing its 2002 accounts -- which earlier this week seemed unlikely following Allied Domecq plc's unexpected departure.

Had it missed the stock exchange deadline, company shares would have been …