SLOVAKIA: Restructuring plan for Carrefour operator approved | Progresiv

Most of the creditors of the company Retail Value Stores, which operates retailer Carrefour, will not see their debts fully repaid after the creditors’ committee approved the restructuring plan for the company acknowledging only 3 percent of the debts’ value. The plan was approved by three members of the committee, while two were against it.

“The restructuring proceeding continues; the voting ended with absolute majority voting for approval of the plan, which means three to two votes,” said Ladislav Barát, restructuring administrator of Retail Value Stores, as quoted by the TASR newswire.

While Pivovary Topvar and Unilever were against the restructuring plan, Kofola, Mäsokombinát Polička and Berto were for it, he specified.

Some 400 creditors of Retail Value Stores should meet at the so-called approval meeting that is scheduled to take place in 30 days, TASR wrote.

Unlike the original plan, the restructuring plan contains one additional condition, claiming that the current shareholders of the debtor who own 80-percent stock, want to distance themselves from any lapses of the company, Barát said.

Part of the restructuring plan is also the promise by these two shareholders that they will finance the potential court proceedings if any creditors registered for the restructuring process decide to establish a civic association or a company that would represent them in court. (www.spectator.sme.sk)