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Superdry creditors vote in favour of restructuring plan

Sophie Smith
11 June 2024

Superdry creditors have voted in favour of its restructuring plan, which includes delisting from the London Stock Exchange.

The company said it was "pleased to announce that there was a high level of turnout at the plan meetings and 99% by value of the plan creditors which attended the plan meetings (in person or by proxy) voted in favour of the measures proposed in the restructuring plan".

Superdry Battersea Power Station

Gavin Maher, Senior Managing Director at advisors Teneo, said: "Having 99% of those creditors that voted being in favour means that the plan company has achieved an important milestone in securing creditor support for the restructuring plan."

In addition to rent reductions across 39 UK stores, the plan includes an equity raise and a delisting from the London Stock Exchange, which will make Superdry a privately-held company once again.

Each element of the package is inter-conditional upon the others, meaning that each step of the proposals needed to be approved.

The restructuring plan, together with the equity raise and delisting, forms part of a key package of measures that are needed to "avoid the company entering into insolvency", and will allow the British brand to "return to a more stable footing, accelerate its turnaround plan and drive it towards a viable and sustainable future".

Superdry said that it was "grateful for the support shown" by its creditors. Its shareholders will now vote on the equity raise and delisting at the company's general meeting on Friday 14 June.

If the resolutions are passed, the High Court will be asked to sanction the restructuring plan at a hearing on 17 June.

Read more about Superdry's restructuring plan here.

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