According to CNN International, Baugur Group has applied to enter the
“moratorium” process in Reykjavik, which offers protection from
creditors.
The article states that Baugur now has three weeks to find a way forward, but it could end up selling its UK assets.
Baugur has no choice. It has to repay the banks and they are driving it,” said retail expert Nick Bubb, an analyst at Pali International. “There should be enough interest in most of its chains to attract buyers, perhaps from private equity firms.”
Read the full article here.