Capital injection at Debenhams, banks to move – Telegraaf.nl AMSTERDAM – Shareholder Sun Capital goes through the knees and poured € 40 million into the coffers of V & D. This was announced Saturday. Discussions with banks about continuing appropriations but still have not completed
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Sun Capital suggested Tuesday for about € 20 million to collapse. The private equity firm took further the view that everyone must return to save the iconic department store.
So should yield a pay cut of 5.8% of the 10,000 employees € 10 million. Further demands V &. D hefty rebates are landlords
The bank Rabobank, ABN Amro and ING, who leads the final negotiations with Sun Capital, disagreed. They demanded that Sun € 40 million would make additional investments, according to correspondence from the past few days between the parties, which has been recognized by The Telegraph.
That’s Sun so now done.
Banks
Thus, the question is raised whether the banks also take a step, to come to a compromise. Since 12 December, the trio has the credit of V & D limited by € 42.5 million to € 22.5 million, and last Friday even to € 9 million
In addition, the banks refused until yesterday. to provide bank guarantees, thus V & D from 1 February – Sunday so – in a difficult situation is in relation to its suppliers
Response
Q & amp; D itself responded this morning with. statement in which it said that the story is based on the correspondence between banks and V & D CEO Don Roach containing state inaccuracies in the Saturday edition of De Telegraaf. So says V & D also after 31 January still have a credit line with the banks. That’s right,
and nowhere is also in our story that this is not the case.
As mentioned, the banks currently provide a credit line of € 9 million, about continuing it is currently being negotiated hard. Here, too, end date, which is not only known, even in this newspaper
In addition, sets V &. D that all employees, including part-timers of La Place, have received their salaries for January. In an email from last Wednesday, however, Roach rubs the banks that he can not pay these people, because of the lack of cooperation from the banks.
On 11 further detailed questions based on the correspondence between Sun Capital, Don Roach and the banks want V &. D not go, like last Friday incidentally
Exposure
Also, none of the three members of the banking trio wants. What is clear is that the exposure of the banks in addition to the credit facility of € 9 million, yet merely consists of a series of loans that reach more than € 8 million.
Because the bank after the tax authorities as one of the first creditor gets their turn to any bankruptcy, suggested auditor Deloitte earlier this month in a confidential report that banks no risks walk.
The public relations firm hired by Sun Capital has since announced that Sun no comment on whatever will make
Tax
V &. D CEO Don Roach, also CFO of Sun Capital, untouched in his talks with bankers on a deal with the Tax Office. Probably this meant that there was an agreement to pay the VAT payment for the fourth quarter later. It should be otherwise in this weekend
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