JJB Sports has become the first listed UK company to be saved from administration by agreeing a debt restructuring with creditors using a rarely successful insolvency process. Creditors of JJB Sports overwhelmingly supported the revised payment scheme that uses a company voluntary arrangement, saving 12,000 jobs. Richard Fleming, head of restructuring at KPMG, which is arranging the CVA, described the deal as ground-breaking and believes other companies, whose alternative is insolvency, will pursue similar deals.

This entry was posted by Gwen Robinson on Wednesday, April 29th, 2009 at 5:02 and is filed under Capital markets. Tagged with jjb sports, kpmg. Edit this entry.