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Funds News

BRIEF-Electra Private Equity says CVA Proposal for Hotter Shoes has been approved by creditors

July 29 (Reuters) - Electra Private Equity PLC:

* ELECTRA CONFIRMS THAT CVA PROPOSAL LAUNCHED ON 9 JULY FOR HOTTER SHOES HAS BEEN APPROVED BY 99.5% IN VALUE OF THOSE CREDITORS WHO VOTED, WITH A MAJORITY VOTE IN FAVOUR OF PROPOSALS FROM EACH CATEGORY OF CREDITOR

* HOTTER SHOES IS EXPECTED TO EMERGE FROM CVA PROCESS WITH ITS TARGETED SALES CHANNEL STRUCTURE IN PLACE AND ITS FIXED COST BASE SIGNIFICANTLY REDUCED

* TGI FRIDAYS NOW HAS 71 OF ITS 85 STORES FULLY OPEN WITH A FURTHER 9 BEING REOPENED WITHIN NEXT WEEK

* FRIDAYS HAS ACQUIRED TWO NEW SITES (COBHAM AND LINCOLN) AT ATTRACTIVE PRICES THAT WILL OPEN IN Q4 Source text for Eikon: Further company coverage: (Reporting By Pamela Barbaglia)

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