June 11, 2019 / 11:57 AM / 9 months ago

Intu to oppose fashion retailer Arcadia's new rescue deal: Sky News

(Reuters) - Intu Properties Plc, Philip Green-owned Arcadia’s second biggest landlord, is set to oppose the fashion group’s latest sweetened rescue plan, Sky News reported on Tuesday.

Arcadia last week offered better terms for landlords in a restructuring plan for the struggling British fashion retailer, seeking the support of creditors to prevent the group from collapsing into administration.

Sky News reported that the Lakeside and Trafford Centre shopping centers owner had informed Arcadia that a compromise deal to win over property owners had not persuaded it to support a proposed Company Voluntary Arrangement (CVA).

Arcadia needs creditor approval to avoid going into administration or liquidation, for each of its seven brands - Topshop, Topman, Burton Menswear, Dorothy Perkins, Evans, Miss Selfridge and Wallis.

Intu and Arcadia did not immediately respond to Reuters’ request for a comment.

Reporting by Samantha Machado in Bengaluru; Editing by Arun Koyyur

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