Troubled Baugur seeks BDO's help
Troubled Icelandic retail group Baugur has called on BDO Stoy Hayward to advise on future action
Retail group Baugur is weighing up various
options for its future after talks last night with advisers
BDO
Stoy Hayward, one of which is placing the UK holding company into
administration.
‘We are looking at various options,’ a Baugur spokesman told The Daily
Telegraph.
‘The conversations [with BDO Stoy Hayward] are still at a very early stage.’
Sources close to the talks believe the best action for the group to take is
to place the UK holding company in administration, which would speed up the
rescue and refinance of the group’s separate businesses.
On Sunday, Jón Ásgeir Jóhannesson, Baugur chairman, warned the group’s
investment could ‘fall one after another’ unless it completed a deal with retail
billionaire Sir Philip Green to buy Baugur’s debt from the Icelandic banks and
government.
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