Hilco is holding
fate in its hands by agreeing to sweeten the terms of its £1 offer for the
company’s retail division.
The distressed-business specialist offered to assume an additional £35m of
the group’s debt at the weekend in an attempt to gain control of the 99-year-old
retailer’s 840 high street stores, The Times reports.
Woolworths’ lenders still have to approve the offer, but further negotiations
between the retailer, its banks and Hilco are scheduled for today.
The new deal would allow Hilco to assume up to £300m of the group’s debts in
return for the retail business. Hilco is expected to place the retail unit
through a prepackaged administration to enable it to close its worst-performing
stores as quickly as possible.
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
Smith & Williamson has been appointed administrators of charity 4Children