UK: JJB agrees further credit terms
Ailing retailer JJB Sports has agreed further credit facilities with its bankers as it continues its attempts to recover from near-bankruptcy.
The company has negotiated a short-term facility of GBP25m (US$37.3m) with Barclays, plus a medium-term facility, also of GBP25m, with Bank of Scotland.
But both lines of credit are dependent on the acceptance of JJB's company voluntary arrangements (CVA) with the landlords of its stores.
Under the terms of the CVA, a GBP10m fund will be made available to the landlords of 140 closed JJB stores.
In addition, the terms covering the leases of about 250 stores still trading will be varied, allowing monthly instead of quarterly payments.
"This announcement details the continuing steps we are taking to implement the strategy necessary to secure JJB's long-term future," said JJB Sports executive chairman Sir David Jones.
"The board is strongly of the view that the CVA proposal is in the best interests of the group and its stakeholders as a whole."
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