Struggling British retailer Superdry has announced that its creditors have voted in favour of a restructuring plan launched under the wholly-owned subsidiary and retail operator, C-Retail Limited.
First outlined in April, the plan, which would have an impact on certain creditors, is centred around carrying out rent reductions among Superdry’s UK real estate while further implementing shifts to its retail cost base.
With creditors on board, Superdry said it can now move on to the next step in its wider Capital and Restructuring Measures strategy, which also encompasses a proposed Equity Raise and Delisting.
In regards to the former, the company is hoping to secure an extension of maturity dates for loans made under its debt facility agreements with two investors, while the suggestion of an additional equity raise, via either an open offer or a placing of five pence per share, is also on the table as a proposal.
Together, the three parts of the overarching plan are inter-conditional upon the others, requiring Superdry to receive approval for each in order to move ahead.
As such, the Equity Raise and Delisting are the next to come under the microscope, with shareholders set to vote on the matter in the next proposed general meeting to be held on June 14.
If passed, the resolutions will be taken to the High Court to sanction in the Restructuring Plan, with a hearing scheduled for June 17.
Superdry once again emphasised the importance of approving the plan in a regulatory filing, noting that each of the three steps were needed in order to avoid entering into insolvency and ensure the “return to a more stable footing”.