KPMG has three months to sort out Mosaic
Debt repayment deadline approaching
KPMG has been told by its audit client Mosaic Fashions – owners of Principles
and Oasis – that the company has just three months to refinance its debt
repayments if it is to survive.
Mosaic revealed in a statement attached to its accounts at Companies House
that it has a standstill agreement with its bankers Kaupthing expiring on 31
May, according to the Daily Telegraph.
In total, Mosaic has debts exceeding 400 million. Baugur, which has a 49 per
cent stake, recently put all of its UK assets into administration.
Mosaic has already tried to sell a number of assets, including Shoe Studio