TG Jones wins creditor backing for rescue plan despite landlord revolt

Corporate Action
โดย Yahoo Finance UK·Read original
Summary · why it matters

TG Jones, the former WH Smith high-street chain, has secured backing from key creditors for its restructuring plan, overcoming opposition from several landlord groups. The retailer won overwhelming support from lenders and many suppliers, though multiple landlord classes voted against the proposals. The plan, which still requires High Court approval at a hearing scheduled for Monday and Tuesday, involves closing up to 150 stores and imposing rent-free periods of up to three years on over 120 sites, with rent cuts of 15% to 75% at hundreds of others. TG Jones, created after Modella Capital bought WH Smith's 450 high-street shops for £76 million, has warned it could fall into administration without the restructuring. The company recently improved terms for landlords, offering a greater share of future profits and partial rent repayment after three years, while some suppliers face debt write-offs or delayed recovery of less than half of what they are owed.

Impact on stocks 1

Consumer Discretionary▼ · 1 stocks
WH Smith PLC
SMWH
▼ NegativeCapitalrelevance

TG Jones, the former WH Smith high-street chain, is undergoing a restructuring with store closures and rent cuts, indicating financial distress for the entity that WH Smith sold.

Off-coverage companies 2

TGJonesPrivate▲ Positive
Capitalrelevance

TG Jones secured creditor backing for its rescue plan, avoiding immediate administration.

Modella CapitalPrivate▲ Positive
Capitalrelevance

Modella Capital's investment is protected as the restructuring avoids administration.

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