Superdry's creditors vote in favour of restructuring plan
Creditors attending the Cheltenham headquartered fashion retailer Superdry's restructuring plan meeting today (Tuesday) have overwhelmingly voted to support the retailer’s plan.
The Restructuring Plan also includes an equity raise and delisting from the London Stock Exchange and with each part of the package conditional on the other two parts, all three had to be approved.
An overwhelming 99 per cent of those attending the meeting voted in favour of the measures.
The next step in Superdry’s restructuring strategy is to ask its shareholders to approve the equity raise and delisting at a general meeting in Cheltenham next week.
The Restructuring Plan is, together with the equity raise and delisting, part of a key package of measures that are needed to avoid Superdry entering into insolvency, and should allow Superdry to return to a more stable footing, the company said, accelerate its turnaround plan and drive it towards a viable and sustainable future.
Gavin Maher, Senior Managing Director at Teneo, the restructuring firm brought in by Superdry in March, said: “Having 99 per cent of those creditors that voted being in favour means that the Plan Company has achieved an important milestone in securing creditor support for the Restructuring Plan.”
As announced in April Superdry’s restructuring plan (once completed) include in rent reductions on 39 UK sites and extension of maturity dates of loans to the retailer made by Bantry Bay and Hilco.
