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Superdry has revealed that its creditors have voted overwhelmingly in favour of its restructuring plan.
The company stated 99% of its creditors voted for the plan which now only requires shareholder approval.
The plan will involve rent reductions at 39 stores, delisting from the stock market and an equity raise underwritten by founder Julian Dunkerton.
The restructuring is a formal procedure under the Companies Act for companies in financial difficulties.
If the resolutions are passed, Superdry will ask the High Court to sanction the restructuring plan at a hearing to commence on 17 June 2024.
The plan is the latest attempt to rescue the company after Dunkerton failed with a take private deal earlier this year.
Gavin Maher, senior managing director at Teneo, said: “Having 99% of those creditors that voted in favour means that the Plan Company has achieved an important milestone in securing creditor support for the Restructuring Plan.”
