According to what News is told, M&G, the asset manager that was considering filing a formal protest against Superdry’s restructuring plan, has made the decision not to press forward with the move.
\Superdry’s Oxford Street store is owned by M&G, which hired attorneys from the City law firm Hogan Lovells to review the ideas.
British Land, which owns a few Superdry outlets, would not only not participate in the reorganization plan, but had also decided not to file a legal challenge, according to sources in the city.
Alongside the rescue agreement, which would prevent store closures in the UK but include significant rent reductions for certain landlords.
The fact that the property groups were left out of a mechanism that would have allowed creditors to share in any future improvement in the retailer’s profitability is thought to have worried them.
The retailer’s spokesperson issued a statement saying, “We continue to engage with our landlords regarding our proposed Restructuring Plan, which is vital for the future of the business.”
Superdry had a market capitalization of less than £40 million when its shares were trading in London at just 4.45p.
