Aug 27, 2019

Arcadia to push ahead with CVA after US landlords drop challenge

Arcadia, the fashion group controlled by Philip Green and his wife, said it would implement its controversial restructuring plan after a challenge from US landlords was withdrawn. The owner of brands such as Topshop, Wallis and Burton said that following "Significant and constructive dialogue" with the US creditors, including property giants Vornado, Simon Property and Brookfield, they had agreed to abandon their challenge to Arcadia's company voluntary arrangements. As part of the restructuring, Arcadia also put its US subsidiary into administration, prompting complaints from US creditors that assets were being moved out of the country without due process. Despite not being creditors of any of the companies implementing a CVA, the landlords launched a challenge as permitted by the CVA process. Mike Ashley's Sports Direct group is in the process of challenging the CVA implemented by department store group Debenhams, with the case likely to be heard in early September.

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