STORE is all the years of suffering under a huge mountain of debt, which is currently about 880 million euros, respectively. This is mainly the result of a trick that an investor Lion Capital uithaalde, just as it was in 2007, the chain bought it and more, in fact, himself who is left to pay.
Now, with the income from the coronacrisis hard to get back, been made, that debt is more serious, problems. STORE the debts to pay off, which the bankruptcy takes place.
The solution in the end
This is the time – today it could STORE 50 million of debt securities be required to pay back – may be a solution. A group of creditors gets a spanner in the works is a large part of the blame, but in exchange for that, they want to be a part of the shares.
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The number of shares to be granted to the creditors and how much debt, this would come to an end, it is not yet known. “As soon as the agreement is successfully implemented and completed, will be an important part of the debt will be converted into equity shares. This STORE is again, a sound financial structure, strong cash position and have sufficient capacity to invest in the future of the business,” he writes in the department store.
Tap it for the Debates
The deal with the holders of the bonds and is sensitive to touch for the owner, Marcel, Debates. The billionaire was in the process of negotiations with its creditors on a deal, but it turned up eventually, didn’t work out, and then the company went to negotiate. The deal makes a living out, it will mean that the Debates are a good deal of its grip on the chain, you lose it.
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The disappointment with this plug Debates are not under the chairs or benches. “Ramphastos (the investment company of Marcel, Debates, ed.). and the Debates go on at this point to see what the latest developments mean for the role of it in the future, and want to play it in the STORE”, they wrote, the party, yesterday, in a press release following the failure of the negotiations.
The chance to Block
How the story is going to end, it is still anything but clear. This weekend was also the parent company of the Block, mgm Mirage Retail Group, announced that the STORE will have to take over.
Last week, on Thursday, MRG made an offer to the creditors, it is told to Block ceo Michael Witteveen at, the Telegraph.
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