Superdry creditors have voted overwhelmingly in favour of its restructuring plan, leaving only shareholders to rubber stamp the proposal.
Some 99% of creditors by value green lit the plan, which aims to stave off administration of the fashion retailer.
Teneo senior managing director Gavin Maher 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.”
The retailer has pinned its revival hopes on gaining rent reductions across 39 UK stores, an equity raise underwritten by founder Julian Dunkerton, and delisting from the stock market. The restructuring is a formal procedure under the Companies Act for companies in financial difficulties.
Superdry said each element of the package is inter-conditional upon the others, meaning that each step of the proposals need to be approved.
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The plan, which does not include any store closures, is the latest throw of the dice by Dunkerton after a possible take-private deal fell through earlier this year. It will result in “material cash savings from rent and business rate compromises” over the three years of its restructuring plan.
Superdry said it was “grateful for the support shown” by its creditors. Its shareholders will now vote on the equity raise and delisting at Superdry’s general meeting on Friday (14 June).
“The board unanimously recommends that shareholders vote in favour of the resolutions,” it added.
If the resolutions are passed, the High Court will be asked to sanction the restructuring plan at a hearing on 17 June.
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