A group of funds including Invesco and Man GLG is close to securing a deal to take control of one of Britain's biggest homewares retailers, Sky News understands.
"In addition, the ad hoc group of existing First Lien Noteholders represented by Invesco, Man GLG, Napier Park and Tresidor, which now holds over 70% of the First Lien Secured Notes, has reconfirmed its commitment to a recapitalisation if necessary."All transactions under consideration provide for a material reduction of Matalan's debt including the First Lien Secured debt, an extended debt maturity profile and any new funding that may be required," it said on December 22.
Matalan, which was founded by Mr Hargreaves in 1985, faces an imminent deadline to refinance £350m in debt. Like many of its peers, Matalan found its finances severely strained by the pandemic, prompting the Monaco-based Mr Hargreaves to provide substantial financial support. Matalan warned during the summer that its"ability to successfully refinance our debts involves geopolitical, economic and market factors outside the direct control of the business".
Australia Latest News, Australia Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
'He irritates the life out of me' - Pearce slams Antony as Man United man strugglesStuart Pearce was left seething with Manchester United forward Antony, who struggled to make an impact during their clash at Wolves. Manchester United scraped to a 1-0 win at Molineux with Marcus R…
Read more »
Helicopter joins search for missing man with focus around Scottish reservoirRobert Robertson, 48, was last seen in the Gladhouse area around 1pm on Friday, December 30.
Read more »
Man Utd identify 'main attacking target' as they battle Arsenal for ex-Chelsea man after Ten Hag pleaMan Utd have reportedly identified AS Roma forward Tammy Abraham as one of their 'main attacking targets' ahead of January and next summer.
Read more »
Haaland says Man City medical team have 'fixed his body' after injury strugglesErling Haaland has hailed Manchester City’s medical team for ‘fixing his body’ after a number of niggles. The Norwegian striker moved to the Etihad Stadium over the summer and has…
Read more »
Cristiano Ronaldo 'signs' £62m deal for post-Man Utd transfer with 'formal announcement' anticipatedFormer Manchester United attacker Cristiano Ronaldo has reportedly signed for Saudi Arabian side Al-Nassr in a deal worth around £62m a year.
Read more »
Body found in Scots river amid search for man missing since NovemberThe family of Martin Moran, 26, who has been missing from Balerno since November 18, have been informed about the tragic discovery.
Read more »