Buy debt and restructuring by store closure programme (insolvent)
Transaction background
-
Endless investment. 56-store department store chain already in administration (EY).
-
GA Europe acquired the 2nd lien debt with face value of £10.2m in July 2011.
-
Sales agency agreement with administrators EY.
Operational details
Outcome
-
Speedy resolution of a distressed retail situation – liquidation of stock over an 8 week period.
-
Healthy segment of the business remained active with 6 stores and the brand sold as a going concern to Benross Group.
-
Successful navigation of a complex deal due to presence of multiple debt holders.