Deloitte: Woolworths’ banks to be paid in full

by Accountancy Age

04 Feb 2009

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Deloitte has revealed that Woolworths’ main lending banks will likely be repaid the £335 million owed to them by the collapsed retailer.

Meanwhile, ordinary unsecured creditors that attended the creditors’ meeting in north London yesterday discovered they will receive almost nothing, according to The Independent.

Deloitte has also been asked by a creditor to investigate why Woolworths did not stop trading earlier in order to give it more time to organize a buyer for the business before it went into administration on 27 November.

Administrator Neville Kahn said Woolworths’ six lenders – which include the Bank of Ireland’s subsidiary Burdale Financial and private-equity owned GMAC Commercial – would be paid in full.

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