New Look completes financial restructuring
Fashion retailer New Look has completed a financial restructuring that has reduced its long-term debt from around £1.35 billion to £350 million.
In addition, the transaction has delivered £150 million of new long-term capital in the form of new senior secured notes which has been used to repay New Look's £80 million bridge facility, settle transaction costs, and provide the business with additional liquidity to support its future development.
Alistair McGeorge, New Look executive chairman, said the completion represented a significant milestone in New Look’s turnaround process.
He added: “With a materially deleveraged balance sheet and a more flexible capital structure, we now have a stable operating platform, which positions us well to respond to challenges and grasp new market opportunities.
“With a highly experienced management team and a stable operating platform in place, we are now positioned to deliver on our wider plans and attack our future.”
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