Superdry creditors have voted in favour of its proposed restructuring plan, the fashion retailer has said.

Super Dry flag regent street

Superdry announced a restructuring plan in April

The embattled retailer said in a statement published on the London Stock Exchange today that 99% of creditors have given boss Julian Dunkerton’s restructuring plan the green light following the vote, which was held on June 10.

Superdry said in a statement: ”The company is pleased to announce that there was a high level of turnout at the plan meetings and 99% by value of the plan creditors which attended the plan meetings (in person or by proxy) voted in favour of the measures proposed in the restructuring plan.”

The restructuring plan was first announced in April this year and includes steep rent reductions across its stores, as well as an equity raise from Dunkerton and delisting from the London Stock Exchange.

Superdry said that each element of the plan is “interconditional upon the others”, meaning that the package as a whole needs each part to be approved individually.

The creditors will vote on the equity raise, the delisting and other articles and share capital changes at its general meeting, which is being held later this week on June 14.

Superdry said that each element is part of a “key package of measures that are needed” to avoid the company entering into insolvency.

It added that the approval will allow it to return to a “more stable footing” for the future and accelerate its turnaround plan.

If all elements are passed, the High Court will be asked to sanction the restructuring plan at a hearing scheduled to start on June 17.

Gavin Maher, senior managing director of Teneo, which is advising Superdry, said: “Having 99% of those creditors that voted being in favour means that the plan company has achieved an important milestone in securing creditor support for the restructuring plan.”