Woolworths (UK) could be rescued for just GBP30 million (USD54.06 million)
Woolworths could be rescued for as little as GBP30 million (USD54.06 million). Potential buyers have been approached to take on the stores as Woolworths faces a 5 January closure deadline imposed by administrators Deloitte. Buyers would be given the shops free of charge but would be obliged to inject GBP30 million (USD54.06 million) of working capital into the business to pay suppliers and staff in a pre-pack administration deal that would see the 125 stores continue to trade under the Woolworths brand. A pre-pack deal would also allow the new company to re-negotiate its leases with its landlords, who would be hard pressed to turn them down. Woolworths Executive Tony Page, who was in charge of the retail operation, is heading one of the consortiums looking at the proposal. Page has been in talks with a series of distressed debt funds to try to secure the backing needed for the deal. It is understood that under the terms of the plans, Page along with the rest of management would pick up 20% of the equity of the new company, with the remaining 80% being held by the turnaround specialist.
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