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Monsoon is facing a legal battle with FTSE 100 property company British Land over its CVA plans.
According to Sky News, the owner of Meadowhall shopping centre in Sheffield filed a challenge to block Monsoon’s restructuring plans which will see rents cut by between 25% and 65% across just over half of its 258 stores across the UK.
In July, British Land was one of the creditors to vote against the CVA plans as it disagreed with various elements of the proposal including the financing structure proposed by Monsoon owner Peter Simon.
It is understood that the property company, which owns five Monsoon stores, felt it had no other option than to pursue a legal challenge.
City sources cited by Sky News revealed that there was “a realistic chance” of the CVA challenge being settled before it reached court.
