River Island still confident of High Court decision despite creditor backlash at vote
River Island was handed a bloody nose after landlords voted down its restructuring proposals last Friday, although the retailer is still confident of the High Court waving through the controversial measures, Retail Week can reveal.
Retail Week understands that 80% of creditors backed the restructuring proposals overall, but because of the way the vote was structured – with 10 classes representing everything from the UK’s largest, institutional landlords through to single store landlords, business rates creditors and secured lenders – not every individual landlord class hit the 75% threshold required to carry the proposals.
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