Philip Green's Arcadia group on a knife-edge as creditors vote on rescue plan – business live

Rolling coverage of the latest economic and financial news, as
landlords vote on whether to approve Arcadia’s rescue deal

10.59am BST

The Queen’s property empire, the Crown Estate, has
decided to support Arcadia’s restructuring, my colleague Sarah
Butler hears.

That’s a boost for Philip Green. Last weekend, the Estate was
locked in talks with Arcadia over today’s CVA votes.

I understand the Crown Estate has voted to
back Arcadia’s cva but will be ‘actively managing’ its
portfolio afterwards..
#arcadiacva

10.46am BST

David Parsley of Retail Week agrees that Land Securities holds
the key to Arcadia’s rescue deal.

ARCADIA UPDATE: Here we go again. Arcadia
creditors’ will meet at midday today to decide the fate of 18,000
workers and some of the high street’s most famous brands. Like last
week, Rob Noel, CEO of Landsec, has what appears to be the casting
vote. It all feels oddly familiar. pic.twitter.com/FdLjmhUeZY

Understand Arcadia feeling “more positive
than they did last week” about CVA passing, as you’d expect after
additional talks/concessions. But this will go right to the
wire…

Calls still being made this morning to
creditors with “very, very small” votes to ensure their support.
Arcadia acutely aware that every vote counts at this stage

Sources suggesting that the CVA will squeeze
through, but vote share in favour could be as little as 75.5%. It’s
that tight

Source: FS – All-News2-Economy
Philip Green's Arcadia group on a knife-edge as creditors vote on rescue plan – business live