Creditors of Philip Green’s Arcadia Group on June 12 approved the struggling British retailer’s sweetened restructuring plan, enabling the business, which employs 18,000, to avoid administration.
All seven of the Company Voluntary Arrangements proposed by Arcadia were approved by the required majority of creditors, including its pension trustees, suppliers and landlords, the retailer said. The company will give affected landlords 20% of the equity value in the group in any future sale. They will also be able to claim from a 40 million pound creditor fund.
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