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Superdry creditors approve restructuring plan

Superdry has announced that its creditors have approved its proposed restructuring plan as it looks to stave off bankruptcy. The fashion retailer said there was a… View Article

FASHION RETAIL NEWS UK

Superdry creditors approve restructuring plan

Superdry has announced that its creditors have approved its proposed restructuring plan as it looks to stave off bankruptcy.

The fashion retailer said there was a high turnout at the meeting on 10 June and that 99% of the creditors who attended in person or by proxy voted in favour of measures contained in the plan.

The restructuring is part of wider package of capital and restructuring measures being undertaken by Superdry, which also includes an equity raise and delisting. Each part is inter-conditional upon the others, which means that each element  needs to be approved by shareholders.

The company said the approval will allow it to continue with the next step which will include a shareholders’ vote on 14 June on the resolutions to approve the equity raise and  delisting.

Gavin Maher, senior managing director at Teneo, said: “Having 99% of those creditors that voted being in favour means that the plan company has achieved an important milestone in securing creditor support for the restructuring plan.”

If the resolutions are passed, Superdry will ask the High Court to sanction the restructuring plan at a hearing to commence on 17 June 2024.

 

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