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
Does Darwin's theory apply to taxation? Colin ponders...
The EC has been instructed to draft a European Union (EU) directive authorising an EU financial transaction tax, which would apply to ten of the EU’s 28 member states
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