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Matalan has announced that it has secured a deadline extension for its £350m debt repayment.
The company revealed the original date of January 2023 has been pushed back to July 2023, after over 90% of the holders of its 6¾% first lien secured notes of £350m due in January 2023 acceded to a lock up agreement.
It said it launched a consent solicitation through the clearing systems on 17 October, with a deadline of 5pm on Tuesday 25 October.
The news comes after it was reported that founder James Hargreaves was bidding to acquire the company back.
A statement from Matalan said: “This is an important milestone in Matalan’s comprehensive recapitalisation plan and provides increased certainty to our colleagues, suppliers and partners.”
