rescue deal: Potential bidders including Mike Ashley, the owner of Sports Direct, Philip Day, the owner of Edinburgh Woollen Mill, and restructuring expert Alteri, have all been asked to put forward their best offers this week as the group's lenders consider their options, according to The Guardian. Several well-placed sources said any rescue deal would need to be agreed by the middle of next week when House of Fraser will have to pay suppliers more than 15m and prepare to pay its monthly rent bill at the end of the month. On Thursday the ailing department store told its investors that it needed to secure fresh investment by 20 August. It is understood that the company has sufficient funds to meet immediate bills. Credit insurers, which suppliers use to protect themselves from the risk of not being paid, have already withdrawn cover from the retailer. However, some suppliers are already understood to have decided to cease deliveries, fearing they will not be paid.
(news.financializer.com). As
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Tagged under rescue deal, owner topics.