Superdry’s turnaround plan sanctioned by court
Superdry’s restructuring plan which looks to “secure its long-term future and return to profitability has been sanctioned at a court hearing held on Monday.
In April, the clothing retailer announced plans to delist from the London Stock Exchange, as well as undertake a restructuring and equity raise.
The restructuring plan included the cutting of rents at 39 of the retailer’s stores. Superdry previously said the proposals would also “compromise” its business rates liabilities, and affect amendments to its existing debt facility agreements with its principal lenders, Bantry Bay and Hilco.
The retailer said that should the restructuring plan not come into effect, it would need to enter into administration or an equivalent insolvency process.
The restructuring plan is reliant on the equity raise, which was approved by Superdry’s shareholders last week and raised £10m in gross proceeds.
Superdry said the sanction of the restructuring plan will enable it to implement its capital and restructuring measures.
Peter Sjӧlander, Superdry chair, said: “This is an important moment for Superdry. My thanks and those of the entire board go to the shareholders and creditors of Superdry who have supported the proposals, which will enable the business to go forward with the right structure, balance sheet and cost base to deliver its turnaround and future growth.”