Look / executive / report

New Look's landlords vote in favour of CVA proposal

Posted On: Sep 16, 2020   |   Posted By: Fashion United

New Look CVA approved
New Look Retail Holdings Limited has announced that the company voluntary arrangement proposal launched on August 26, 2020 has been approved by the requisite majority of its unsecured creditors. The company said in a statement that the approval for the CVA proposal means the comprehensive financial recapitalisation transaction announced on August 13, 2020 to extend New Look's facilities, deliver a new money investment of 40 million pounds and significantly de-leverage the balance sheet can now be progressed towards completion. The CVA proposal includes approval for a three-year rent holiday on 68 of its stores and rent reductions on hundreds of others as the company struggles to stay afloat.
Commenting on the development, Nigel Oddy, the company's Chief Executive Officer, said: “I would like to take this opportunity to thank our landlords and creditors for their support for our CVA, which, alongside the consequential financial restructuring that will now be progressed, will...

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