Sir Philip Greens Arcadia Group could take up to two weeks to win over landlords who spurned a planned rescue restructure and stave off the collapse of the business, which employs 18,000 people.
The group, which agreed a week-long adjournment of a vote on its rescue plan on Wednesday, is allowed to delay for up to another week under insolvency rules as it battles to win over detractors, including major landlords Land Securities and Intu.
Arcadias restructure is complex, involving seven interlinked insolvency procedures known as company voluntary arrangements. Each of these had to win approval from 75% of all creditors, including the Green family. They also had to secure the backing of more than half of unconnected creditors which in th…
Read the full article at: https://www.theguardian.com/business/2019/jun/06/what-sir-philip-green-needs-to-do-to-save-arcadia-group