New Look chief executive Nigel Oddy is “very confident” landlords will back the fashion retailer’s proposed CVA – its second in two years.
He told Retail Week that following conversations with landlords, New Look’s proposal includes enhanced terms for landlords including better break terms if an alternative tenant is found, minimum rent guarantees over three years and – as a result of refinancing by bondholders – a higher ranking as creditors because of lower secured debt.
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