Patisserie: Patisserie Valerie

patisserie: On Monday morning the company issued a statement saying that talks with its banks continued and it would provide an update when they were concluded, according to The Independent. Without an agreement, the company's lenders, HSBC and Barclays, could demand repayment of debts that may amount to nearly 10m, potentially forcing Patisserie Valerie to call in administrators. Luke Johnson, Patisserie Valerie's leading shareholder, has been seeking to extend a standstill agreement on its bank facilities protecting the chain from action to recover debts which officially expired at midnight on Friday. Other options include a second bailout by Johnson, the multimillionaire chairman of the business, who pumped 20m of his money into Patisserie Valerie to keep it afloat after the company uncovered potentially fraudulent accounting irregularities and a financial black hole in October. The company, which operates 200 cafes and employs 3,000 staff, is expected to provide an official update on its position to the stock market on Monday. Johnson was paid back 10m after other shareholders later put up 15m in new funds. (news.financializer.com). As reported in the news.