Jul 16, 2019

US property group Vornado challenges Arcadia CVA

Philip Green's Arcadia Group promised to fight a legal challenge from US property firm Vornado that threatens to derail its crucial debt restructuring process. The company said on Tuesday that it had received applications to challenge two of the seven elements of the CVA from entities of Vornado. Its latest challenge is the second Vornado has mounted against Arcadia. Ed Cooke, chief executive of the retail property organisation Revo, called on the UK government to legislate against misuse of the CVA process, warning that it could deter foreign investment into the UK. "The challenge by Vornado once again demonstrates the frustrations that result from a CVA process which sees owners, including pension funds, along with local authorities and taxpayers bearing much of the pain for years of retailer under-investment," he said. Last year a group of landlords filed a legal challenge against the department store House of Fraser's CVA but later dropped it ahead of the company going into administration.

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