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New Look creditors approve company voluntary arrangement

18
Sep '20
Pic: New Look
Pic: New Look
The company voluntary arrangement proposal launched last month by British global fashion retailer New Look Retail Holdings Ltd was recently approved by the requisite majority of its unsecured creditors. Hence, the comprehensive financial recapitalisation transaction announced earlier to extend New Look’s facilities, deliver a new cash investment of £40 million and significantly de-leverage the balance sheet can now be completed, the company said.

The transaction will provide New Look with the financial strength, funding and flexibility to execute on its strategy.

It includes a debt for equity swap on New Look’s current debt, reducing senior debt from c. £550 million to c. £100 million, and significantly decreasing interest costs; an extension of primary working capital facilities, which provide further financial support to the group with no near-term maturities; and an injection of £40 million of new capital to support the business plan.

Fibre2Fashion News Desk (DS)


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