UPDATE 1-U.S. property trust Vornado challenges Arcadia's restructuring plan [Reuters]
BRITISH LAND CO S/ADR (BTLCY)
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Source: Reuters
UPDATE 1-U.S. property trust Vornado challenges Arcadia's restructuring plan - Reuters 2 Min Read (Adds details on Arcadia’s CVAs) July 16 (Reuters) - Philip Green’s fashion empire Arcadia Group said on Tuesday it received applications from legal entities of U.S.-based property group Vornado challenging two of its seven planned Company Voluntary Agreements (CVAs). Arcadia said the challenges to the CVAs, which were approved in June by the majority of creditors, were “without merit” and it would defend itself against them. Vornado, a landlord to some of the Topshop and Topman stores in New York, was not available to respond to Reuters request for a comment outside of business hours. Arcadia’s other landlords include British Land, Intu Properties, Aviva and Land Securities . CVAs have been carried out by several British retailers, including fashion chain New Look, floor coverings firm Carpetright, mother-and-baby goods group Mothercare and department store chains House of Fraser and Deb
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