Any deal will require the approval of the chain’s banking syndicate, which
recently appointed restructuring advisers from
to guide it on further loan negotiations with Woolworths.
Negotiations over the responsibility for the £100m pension fund deficit,
which Hilco will not want to assume, will also be difficult, but a solvent
demerger of its underperforming retail arm and its media and distribution
businesses would be a huge victory for a company that many believe will not
survive Christmas, The Times reports.
The deal would also require the approval of Woolworths’ shareholders, who
will be left with the remainder of the company, which is likely to be burdened
with the bulk of the pension liability and debt.
The second largest improvement in ‘significant’ levels of financial distress since the EU Referendum was in professional services, found research from Begbies Traynor
Steve Absolom and Will Wright from KPMG Restructuring have been appointed joint administrators to City Motor Holdings and associated companies
Partners from Johnston Carmichael have been appointed as joint administrators to Axon Well Interventions Products UK
Begbies Traynor have been appointed administrators of William Anelay Ltd, York, one of Britain’s longest-established construction and heritage restoration companies