The draconian restructuring plan to keep UK bookstore chain TG Jones (FKA WH Smith) operating is expected to win court approval after hearings Monday and Tuesday, as at least some creditor groups have agreed to accept owner Modella Capital’s terms. Unnamed sources have told the media (including the Telegraph, Bloomberg and the Guardian) that “a number of key creditor groups, landlords among them, have accepted TG Jones’ proposal before the court hearing.” Property development company British Land, after loudly objecting, “said it would…abstain from voting following what it described as material concessions from TG Jones to treat landlords more fairly.” […]
