Arcadia’s CVAs face legal challenge
Sir Philip Green’s Arcadia Group is facing a legal challenge from a US property firm regarding its rescue plans.
In June Arcadia received backing from the majority of its creditors for seven CVAs as part of a restructuring plan.
The group has now received applications to challenge the Arcadia Group and Topshop Topman CVAs from New York based Vornado.
Ian Grabiner, chief executive of Arcadia Group, said the challenges are entirely without merit and that the company is planning to “ vigorously defend” them.
He added: “The CVAs are a vital part of our restructuring, putting the business on a firm financial footing and enabling significant investment as part of our growth plans which will ultimately benefit all our stakeholders. Our group continues to trade as normal and we remain focused on delivering our turnaround plans.”