Under fire Woolworths renegotiates debt, says report
Written on December 10, 2007
Struggling high street chain, Woolworths is understood to be under pressure to renegotiate its debt.
A report in The Sunday Telegraph claims that the retailer’s banks are concerned it does not have enough security to cover the reported ?225m debt they have lent the company.
Woolworths is reported to have hired KMPG to organise a new package that will give the banks security over their loans as well as look for other sources of funding no fax payday loans.
The Sunday Telegraph quoted a source close to the refinancing package as saying that a deal is close, with many existing banks expected to sign up for a new agreement while new ones are believed to have been found to replace those exiting the agreement.
Under-pressure Woolworths was rocked last week by a report from investment bank, Citigroup, which slammed its stores as ‘worthless”.