Woolworths shareholder in mad dash to stop £1 sale

main shareholder, Ardeshir Naghshineh, is making an eleventh-hour dash to stop
the sale of the company’s retail arm to
Hilco for £1 and has been meeting with
Woolworths lenders.

‘The banks have said to me that they have open minds and want to pursue this
in further talks, this time involving the company,’ the property tycoon told
The Times. ‘This was the first time that an alternative business plan
has been put to them and I am pleased that they are prepared to listen.’

However, Steve Johnson, Woolworths’ chief executive, did not attend the
planned meeting with Naghshineh because he was in emergency talks with the banks
as the problems at Woolworths escalates.

Credit insurers have refused to cover its suppliers and it has been denied
credit. Sources close to the retailer’s lenders say that it is running low on
cash and could be put into administration within days.

Further reading:

Speculation mounts of Woolworths sell-off

Hilco agrees to take on £35m more of Woolworths debt

The Times story

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