BusinessBusiness RecoveryDeloitte: Woolworths’ banks to be paid in full

Deloitte: Woolworths’ banks to be paid in full

Unsecured creditors face receiving nothing out of Woolies

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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