BusinessBusiness RecoveryWoolworths lenders call in Deloitte

Woolworths lenders call in Deloitte

Lenders to struggling retailer Wooloworths have called in Deloitte to discuss its business plan and budget

Burdale Financial, part of Bank of Ireland, and GMAC Commercial Finance have
appointed Deloitte’s corporate restructuring arm to be part of negotiations for
Woolworths’ business plan and budget forecast after they earlier, in January,
jointly lent £385m to the group as part of a restructuring plan.

Deloitte met with KPMG, which has been appointed by Woolworths, for the first
time late last week.

Further meetings are expected before the business plan and budget are settled
in December.

A Woolworths spokesperson told The Independent the Deloitte’s appointment was
no surprise because the two lenders were always expected to be part of the
discussions about next year’s plans. The loan is secured against several assets,
including Woolworths’ stock.

Further reading:

Woolworths FD leaves troubled retailer

Read
The Independent story

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