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Arcadia restructuring plans challenged by US property trust Vornado

Sir Philip Green’s Arcadia has received a legal challenge from two legal entities of US property group Vornado over its restructuring plans. Arcadia received backing from the majority of its creditors on 12 June for seven Company Voluntary Arrangements (CVAs). As part of the restructuring plans, the retail giant plans to close 23 stores across...

Jul 16, 2019

Business

Vornado raises questions over Arcadia debt issues

Fashion Network has reported that Vornado, a U.S. landlord, has raised questions over Phillip Green and his Arcadia Empire over the manipulation of a CVA vote by increasing its debt owed to suppliers. Arcadia Group just narrowly escaped collapse last week when its unsecured creditors voted to approve a company voluntary agreement. Arcadia Group...

Jun 24, 2019